Houghton Mifflin Company and Education Media and Publishing Group Limited Announce Sale of College Division to Cengage Learning.
BOSTON -- Houghton Mifflin Houghton Mifflin Company is a leading educational publisher in the United States. The company's headquarters is located in Boston's Back Bay. It publishes textbooks, instructional technology materials, assessments, reference works, and fiction and non-fiction for both young readers Company and its parent, Education Media and Publishing Group Limited, announced that Houghton Mifflin has signed a definitive agreement to sell its College Division to Cengage Learning This article or section is written like an .
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Mark blatant advertising for , using . , formerly Thomson Learning, for $750 million in cash. In addition, Houghton Mifflin and Cengage will enter into a long-term agreement at closing to cooperate in expanding the distribution of Cengage's titles into the high school Advanced Placement market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. . Closing is expected during the first half of 2008.
"The College Division has been an important contributor to Houghton Mifflin for many years, but moving forward we will focus our efforts on our K-12, trade and reference businesses," said Tony Lucki, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Houghton Mifflin Company. "We are very pleased that our College Division will have a home with Cengage Learning, which is a preeminent higher educational publisher, and we are confident that the business will continue to flourish under Cengage's ownership. We are particularly pleased that our strategic relationship with Cengage will enable us to provide our customers with an expanded book bag of leading titles for the Advanced Placement market."
Jeremy Dickens, president of Education Media and Publishing Group, commented, "The sale of the College Division is an important event for us, serving to advance both our strategic and financial objectives. It enables us to focus our efforts on integrating Houghton Mifflin and Harcourt Education Harcourt Education, is a publisher serving the pre-Kindergarten to Grade 12 school, assessment and trade publishing markets in the US and primary and secondary school markets internationally. to create the industry-leading K-12 educational publisher. In addition, the sale of the College Division is on attractive terms that are deleveraging and accretive to our equity valuation. With this transaction and the imminent closing of our pending acquisition of Harcourt Education from Reed Elsevier, we are looking forward to an exciting 2008."
Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. acted as lead financial advisor and Citigroup also provided financial advice to Houghton Mifflin. Weil, Gotshal & Manges LLP LLP - Lower Layer Protocol acted as legal advisor to Houghton Mifflin.
Houghton Mifflin's College Division makes knowledge accessible and meaningful to learners at four-year, community and career colleges. The division also has an inclusive approach to content and pedagogy and also publishes textbooks, study guides, technology tools, and other materials primarily for introductory-level college courses.
About Houghton Mifflin
Boston-based Houghton Mifflin Company is one of the leading educational publishers in the United States, with more than $1.4 billion in sales. The Company publishes a comprehensive set of educational solutions, ranging from research-based textbook programs to instructional technology There are two types of instructional technology: those with a systems approach, and those focusing on sensory technologies.
The definition of instructional technology prepared by the Association for Educational Communications and Technology (AECT) Definitions and Terminology to standards-based assessments for elementary and secondary schools and colleges. The Company also publishes an extensive line of reference works and award-winning fiction and nonfiction for adults and young readers. In 2006, Houghton Mifflin merged with Riverdeep, bringing together one of the most respected print publishers with the leader in interactive courseware Interactive CourseWare - (ICW) A training program controlled by a computer that relies on trainee input to determine the order and pace of instruction delivery. The trainee advances through the sequence of instructional events by making decisions and selections. . With origins dating back to 1832, Houghton Mifflin combines its tradition of excellence with a commitment to innovation. To learn more about Houghton Mifflin, visit www.hmco.com.