Scholastic to sell EdTech business to Houghton Mifflin for $575 mln
April 24 (Reuters) - Book publisher Scholastic Corp said it would sell its educational technology and services business to publisher Houghton Mifflin Harcourt Co for $575 million in cash.
The transaction is expected to add to Houghton Mifflin's net income and free cash flow in 2016 and save $10 million to $20 million annually, the company said.
The deal is expected to close in the second calendar quarter of 2015.
(Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
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