McGraw-Hill sells textbook unit to private equity for US$2.5bil

NEW YORK: The McGraw-Hill Companies Inc has found a buyer for its textbook business, a unit that once steadied its results against the ups and downs of financial markets faced by its Standard & Poor's rating agency.

Private equity firm Apollo Global Management LLC will buy McGraw-Hill's educational publishing unit for $2.5 billion, McGraw-Hill said on Monday.