McGraw-Hill sells textbook arm

US financial services and publishing firm McGraw-Hill said yesterday it will sell its educational publishing unit to buyout firm Apollo Global for $2.5bn (£1.6bn), ending talk of the business being spun off as a public company. The sale completes a shift for the 124-year-old firm, which has published educational textbooks for nearly a century.

As a result, the company will change its name to McGraw-Hill Financial. The deal fetched less than the $3bn figure originally mooted.