The education division of The McGraw-Hill Companies Inc. (NYSE: MHP) has been sold to subsidiaries of Apollo Global Management LLC (NYSE: APO) for $2.5 billion the company announced this morning. The publishing house said in September 2011 that it would seek a buyer for its low-growth operations and focus its attention on higher-growth properties.

The remaining financial publishing arm of the company will be renamed McGraw Hill Financial and continue to operate the Standard & Poor’s division, including the that company’s indexes, oil & gas firm Platts, and automobile research firm J.D. Power and Associates. The sale is expected to be completed as soon as the end of this year.

McGraw-Hill will take a non-cash impairment charge of $450 to $550 million in the fourth quarter as a result of the sale.

The company plans to use the net proceeds of approximately $1.9 billion from the sale to continue its share buybacks, to make “tuck-in” acquisitions that “enhance McGraw Hill Financial’s portfolio of powerful brands, and to pay off short-term borrowings.

Shares are up about 2.6% this morning at $53.02 in a 52-week range of $40.50 to $56.75.

Paul Ausick

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