Thomson Learning announced in a press release today that it will change its name to Cengage Learning effective August 31. The company, recently acquired by Apax Partners and OMERS Capital Partners, says the new name is based on being at the “center of engagement” for its customers worldwide. “Increasingly, our customers recognize that their success depends on being constructively engaged with others involved in teaching, learning and research,” said Ronald Dunn, chief executive officer, Thomson Learning. “The name Cengage Learning reflects our commitment to promoting engagement and improving results for all of our customers.”
Posts Tagged ‘Apax Partners’
First there’s news on what Thomson is trying to unload, as Reuters reports that bids for the company’s educational arm have reached the final round, with Providence Equity Partners and Apax Partners rumored as the latest private equity partners to join together for an offer with the unit expected to fetch well above $5 billion thanks to strong demand. Kohlberg Kravis Roberts & Co. and Carlyle Group are also said to be interested, though a separate source close to the matter said the two firms are not partnered on the deal. Previous press accounts put the two together in the auction.
And speaking of Reuters, the Financial Times reports that a merger between the news organization and Thomson is well underway, as outline details between the two companies were disclosed on Tuesday, which would value Reuters’ equity at around 8.8bn pounds, or 697p a share. Under the plans Tom Glocer, Reuters’ chief executive, would become chief executive of the combined company, which would be called Thomson-Reuters. Richard Harrington, Thomson president and chief executive, would retire.
There are still a number of hurdles to be surmounted before a deal could be completed, and the two said “much has still to be resolved and there can be no assurance that agreement will be reached.” However, they said there was “a powerful and compelling logic” for a merger to “create a global leader in the business-to-business information markets”.
Reuters reports that Bain Capital, Blackstone Group and Thomas H. Lee Partners, the former private equity owners of Houghton Mifflin Co., are bidding for Thomson Corp.‘s text book publishing unit, sources close to the process said Monday, in a deal that could be worth around $5-billion. A separate source told Reuters that Bertelsmann is considering teaming up with that bidding group, and yet another source indicated Apax Partners and Warburg Pincus are also involved in the auction with the two buyout firms bidding separately for the unit. All five private equity firms have placed preliminary bids and are meeting with Thomson executives, and it looks likely that some combination of firms will win out – just a matter of which grouping seems the most attractive…