McGraw-Hill Education completes acquisition of Tata stake in JV
19 Jul 2013
US-based digital learning firm McGraw-Hill Education has completed the acquisition of its local partner in the Indian publishing and digital learning JV firm, Tata McGraw-Hill Education Pvt Ltd, with the acquisition of the remaining minority stake held by two Tata charitable trusts.
The acquisition terms, though have not been disclosed.
The acquisition comes with McGraw-Hill Education increasing its focus on the provision of educational solutions and services globally.
As part of the transaction, McGraw-Hill would rename the JV to McGraw-Hill Education India Pvt Ltd.
As India had made great strides in the development of its economy, its need for an educated, skilled workforce had increased enormously, Buzz Waterhouse, president and CEO of McGraw-Hill Education, said.
The company, he added, was extremely proud of Tata McGraw-Hill's success in preparing India's students to thrive in the global knowledge economy, and through the acquisition, it was deepening its commitment to improving education and results for students around the world.
The joint venture was formed in 1970, to provide educational materials in India, serving the school, higher education, professional and healthcare markets.
Tying up with Vriti Infocom, a 'smart' education platform, in 2012, the company launched free online 'Smart Courses' on tablets for engineering and management students.
According to DealCurry, the acquisition comes following McGraw-Hill Education's recent announcement that it had inked an agreement for the acquisition of ALEKS Corp, the developer of the ALEKS adaptive learning technology for the K-12 and higher education markets.
The company has also acquired an equity stake in Area9 Aps, the Denmark-based adaptive learning company.
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