Academic Partnerships, which provides online learning for public college students, has agreed to acquire Wiley’s university services arm, which “works with institutions to deliver career-connected education programs.” Academic Partnerships will pay $110 million along with up to $40 million in earnout based on results over the next two fiscal years. Pending regulatory approval, it is subject to close in early 2024. According to a release, “the combined company will provide universities with a best-in-class partner to support them in delivering programs online so more students can access affordable education, improve their careers, and meet employer and community needs.” “Wiley University […]
M&A
Vivendi’s Sale of Editis Approved
The European Commission has approved Vivendi’s sale of French-language book publisher Editis to Czech Media Invest (CMI), owned by Czech billionaire Daniel Kretinsky. Through equity firm Vesa, Kretinsky also owns a 25.03 percent portion of French book retailer Fnac Darty. The Commission decided that, since Kretinsky’s minority stake does not allow him to control Fnac Darty, the purchase of Editis would not lead to any competition issues between the retailer and Editis. Now that Editis is spun off, the EU will likely approve Vivendi’s purchase of Lagardere.
Simon & Schuster Officially Sold to KKR
After the close of the market on Monday, Simon & Schuster confirmed the completion of their sale to KKR for $1.62 billion. S&S ceo Jonathan Karp wrote to employees: “I believe our relationship with KKR will enable us to become an even greater version of what we already are: a company that strives for–and succeeds at–attracting and keeping a roster of the most talented authors, with a workforce of dedicated and highly motivated professionals; a pre-eminent publisher, for all kinds of readers, in all formats; a company that takes risks, seizes opportunities and cherishes innovation in its publishing and business […]
With Its Stock Languishing, Endeavor Awaits Proposal From Controlling Shareholder Silver Lake to Go Private Again
It took Endeavor multiple attempts before they executed their 2021 public offering, at a modest $24 a share, though private equity company Silver Lake retained a dominant and controlling stake. But the market has been unimpressed, particularly as Endeavor pushed through a merger between their Ultimate Fighting Championship and World Wrestling Entertainment. The stock went from a high of nearly $35 a share at the end of 2022 to less than $18 a share earlier this week. Which led to Endeavor’s announcement Wednesday afternoon that it would explore a sale or sales: “Given the continued dislocation between Endeavor’s public market […]
Acquisitions: PRH UK Buys Hardie Grant UK
Penguin Random House UK has acquired Hardie Grant UK. Hardie Grant’s two imprints, Hardie Grant UK and Quadrille, will continue operating and report to Ebury managing director Joel Rickett. Managing director Stephen King will leave at the end of 2023 and finance director David Ersapah will depart in July 2024. The Bookseller reports that there are no other plans for layoffs. At Hardie Grant, there will be no changes to the company in other territories. In a release, PRH UK ceo Tom Weldon said, “We are excited about the impact of adding Hardie Grant UK to Penguin Random House and […]
KKR’s Purchase of S&S “Doesn’t Have to be a Blowout Deal”; Attracting Talent and Having Employees Act As Owners Can Drive Success
Journalist Megan Greenwell — who is writing a book on private equity for Dey Street Books titled VAMPIRE COUNTRY — interviews KKR’s co-head of global private equity Pete Stavros on the firm’s pending acquisition of Simon & Schuster. In contrast to facile clickbait like the Atlantic’s recent piece, Greenwell gets details from Stavros about KKR’s expectations, and the workings of their employee ownership plan. Broadly, Stavros says, “We would not invest in a company where the strategy is to get profit dollars up by firing people. We just wouldn’t do that…. we’re not buying into an investment thesis where we’re […]