NEW YORK, July 17, 2013 /PRNewswire/ -- McGraw-Hill today announced the completion of its acquisition of the entirety of shares in Tata McGraw-Hill Private Limited, the company's long-existing joint venture with Tata Group. As part of the agreement, McGraw-Hill purchased the minority ownership stake in the company held by two Tata charitable trusts. The purchase comes as McGraw-Hill increases its focus on providing its educational solutions and services globally. Further terms of the acquisition were not disclosed.
"As India has made great strides in developing its economy, its need for an educated, skilled workforce has increased enormously," said Buzz Waterhouse, president and chief executive officer of McGraw-Hill. "We're extremely proud of Tata McGraw-Hill's success in preparing India's students to thrive in the global knowledge economy, and through this acquisition, we're deepening our commitment to improving education and results for students around the world."
Formed in 1970, the Tata McGraw-Hill joint venture quickly became a leader in providing learning solutions to India's burgeoning economy in higher education, professional and test prep markets. As part of the transaction, the company will change its name to McGraw-Hill India Private Ltd.
The acquisition follows McGraw-Hill's recent announcement that it has signed an agreement to acquire ALEKS Corporation, the developer of the ALEKS® adaptive learning technology for the K-12 and higher education markets. In January 2013, McGraw-Hill acquired an equity stake in Area9 Aps, the Denmark-based adaptive learning company.
For more information on McGraw-Hill's solutions for global education, visit: www.mheducation.com/divisions/international.