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(Reuters) -Billionaire Tom Gores' private equity firm Platinum Equity would acquire textbook publishing and educational technology company McGraw Hill for $4.5 billion from Apollo Global Management Inc, the companies said on Tuesday.
Founded in 1888, New York-based McGraw Hill generates over $1 billion in annual revenue from its digital products, which include learning tools and platforms for schools and colleges, the companies said in a joint statement.
Since Apollo acquired McGraw Hill in 2013, the company has grown its digital portfolio from less than a quarter of its total revenue to over 60% now, the companies said. It completed six digital-focused takeovers during this time.
McGraw Hill Chief Executive Officer Simon Allen and his senior leadership team will continue to lead the company under Platinum's ownership, the companies said. The deal is expected to be completed in the summer.
Other terms of the deal, which was reported by the Wall Street Journal earlier in the day, were not disclosed.
(Reporting by Shariq Khan in Bengaluru;Editing by Vinay Dwivedi)