McGraw-Hill starts $500M accelerated buyback
McGraw-Hill resumes buybacks, starts $500M accelerated repurchase program
NEW YORK (AP) -- McGraw-Hill Cos. said Monday that it is going to resume buybacks with a $500 million accelerated repurchase program.
The New York company said that it will use part of the proceeds from the sale of its education business to fund the accelerated buyback.
McGraw-on Friday completed the $2.4 billion sale of its education business to funds affiliated with Apollo Global Management LLC. The remaining company will focus on serving the global capital and commodity markets and will be renamed McGraw Hill Financial, subject to shareholder approval, in the second quarter of this year.
McGraw Hill shares closed Friday at $48.37, down about 11.5 percent since the start of the year.