Essentially on-time, Reuters is reporting that Riverdeep will purchase the remaining Harcourt assets from Reed Elsevier for $4.obill. Reed earlier announced they had sold the assessment segment to Pearson for $950mm.
Harcourt finished 2006 with revenues of Eur 1.4bill ($3.0bill) and operating profit of Eur190bill ($140mm). 2006 operating profit was boosted by currency fluctuations. Reed have sold the education business for a revenue multiple of about 1.7 which isn't bad going.
Earlier this year, Riverdeep performed a reverse takover of Houghton Mifflin in a deal worth $5.0mm, Apax Partners purchased Thomson Learning for $7.7bill and Bridgepoint bought Wolters Kluwer education for $1.5Bill.
Under the headline "Wheeler Dealer," the Irish Independent profiles Barry O'Callaghan and how he got here.