Deals
McGraw-Hill, Cengage Jointly Agree to Terminate Planned Merger
- Divestiture plans made deal uneconomical, McGraw-Hill CEO says
- Combined company would have been No. 2 to Pearson in education
Source: Svetlanais/iStockphoto/Getty Images
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McGraw-Hill and Cengage Learning Holdings II Inc. terminated their planned merger, which would have created the second-largest provider of college textbooks and other higher-education materials.
The all-stock deal, announced in May 2019, was meant to form a company with about $3.2 billion in annual revenue, but McGraw-Hill Chief Executive Officer Simon Allen said in a statement Monday that divestitures sought by the government made the combination uneconomical.