Thomson Selling Off Higher Education Assets

According to a press release released on May 11, the Thomson Corporation is divesting itself of its "higher education, careers and library reference assets" including the following brands: Wadsworth, Delmar Learning, Gale, Heinle, Brooks/Cole and South-Western. The assets will be acquired by "funds advised by Apax Partners and OMERS Capital Partner" for a total value of approximately $7.75 billion U.S. cash. The sale is consistent with "Thomson's previously announced strategy to sell the assets of its Learning business to enable Thomson to pursue opportunities better aligned with its growth strategy and business model." Presumably Thomson's recently-announced purchase of Reuters is part of this same strategy. The deal will close later this year, and is subject to the usual regulatory approvals.