1 May 2019
Education publishers McGraw-Hill and Cengage are to combine in an all-stock merger on equal terms. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close by early 2020, subject to customary closing conditions, including regulatory approvals.
It is anticipated that the combined company will be named McGraw Hill, with details to be finalised prior to closing. The company will be led by Michael Hansen, currently CEO of Cengage. Nana Banerjee, who played a key role in facilitating the agreement to merge and in negotiating the material terms of the transaction, will continue to lead McGraw-Hill through the transition. The combined company’s leadership team is expected to be comprised of members from both McGraw-Hill and Cengage and will be announced before the deal is closed.