McGraw-Hill Education Acquires Tata Group's Stake in India Joint Venture Company acquires full ownership to consolidate and expand its presence in India
NEW YORK, July 17, 2013 /PRNewswire/ -- McGraw-Hill Education today announced the completion of its acquisition of the entirety of shares in Tata McGraw-Hill Education Private Limited, the company's long-existing joint venture with Tata Group. As part of the agreement, McGraw-Hill Education purchased the minority ownership stake in the company held by two Tata charitable trusts. The purchase comes as McGraw-Hill Education increases its focus on providing its educational solutions and services globally. Further terms of the acquisition were not disclosed.
"As India has made great strides in developing its economy, its need for an educated, skilled workforce has increased enormously," said Buzz Waterhouse, president and chief executive officer of McGraw-Hill Education. "We're extremely proud of Tata McGraw-Hill's success in preparing India's students to thrive in the global knowledge economy, and through this acquisition, we're deepening our commitment to improving education and results for students around the world."
Formed in 1970, the Tata McGraw-Hill joint venture quickly became a leader in providing learning solutions to India's burgeoning economy in higher education, professional and test prep markets. As part of the transaction, the company will change its name to McGraw-Hill Education India Private Ltd.
The acquisition follows McGraw-Hill Education's recent announcement that it has signed an agreement to acquire ALEKS Corporation, the developer of the ALEKS® adaptive learning technology for the K-12 and higher education markets. In January 2013, McGraw-Hill Education acquired an equity stake in Area9 Aps, the Denmark-based adaptive learning company.
For more information on McGraw-Hill Education's solutions for global education, visit: http://www.mheducation.com/divisions/international.
About McGraw-Hill Education
McGraw-Hill Education is a digital learning company that draws on its more than 100 years of educational expertise to offer solutions that improve learning outcomes around the world. McGraw-Hill Education is the adaptive education technology leader with the vision for creating a highly personalized learning experience that prepares students of all ages for the world that awaits. The Company has offices across North America, India, China, Europe, the Middle East and South America, and makes its learning solutions available in more than 60 languages. For additional information, visit www.mheducation.com.
SOURCE McGraw-Hill Education