Scholastic announced it has signed a definitive agreement to sell its Educational Technology and Services business to Houghton Mifflin Harcourt Company for $575 million in cash. Scholastic expects to have net proceeds of $360 million to $370 million after taxes, fees and expenses. The business unit they are selling had sales of $249 million, with $40 million in operating income, for the fiscal year ended May 31, 2014 — with sales of $175 million and operating income of $17 million for the first nine months of the current fiscal year. The deal is expected to close in the current calendar quarter. Scholastic says it will “focus on […]
