Private-equity firm Platinum Equity has struck a deal to buy McGraw Hill from Apollo Global Management Inc., according to people familiar with the matter.

The deal for the textbook publisher and educational-technology company, expected to be announced late Tuesday, is valued at about $4.5 billion, including debt, the people said.

BILLIONAIRE LEON BLACK STEPPING DOWN AS APOLLO CEO

Apollo agreed in 2012 to buy the education unit of McGraw-Hill Cos. for about $2.5 billion, including debt. After the sale was completed, the remaining parent company changed its name to McGraw Hill Financial Inc., later changing it again to S&P Global Inc. The Apollo-owned company retained the McGraw Hill name.

McGraw Hill provides textbooks and digital-learning tools and platforms for higher education, grade-school districts and a variety of other academic institutions and companies. Its products are distributed in more than 100 countries around the world.

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