Dec 06 2006
Houghton Mifflin is to be acquired by Riverdeep, an Irish-based software publisher. The deal is expected to go through before the end of the year. Under the structure of the deal, a newly formed company, HM Rivergroup, will acquire both HM and Riverdeep, forming a new company that will be named Houghton Mifflin Riverdeep Group. HM Rivergroup is paying $1.75 billion in cash for HM and will assume $1.61 billion in debt. Tony Lucki, chairman, president and CEO of Houghton Mifflin said in a statement, "Riverdeep represents an excellent strategic fit with Houghton Mifflin, bringing its high-quality electronic courseware offerings to our core basal textbook and supplemental products business. This combination will differentiate us from our competitors and will enable us to participate as one of the leading players in the fastest-growing segment of the U.S. school education market."
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