Publisher Reed Elsevier, Netherlands, has announced that the $4 billion sale of its Harcourt US Schools Education Business to Houghton Mifflin Riverdeep Group has received clearance from the US Department of Justice. The transaction, announced on July 16, 2007, is expected to be competed by mid-December.
The US regulatory review of the sale of the Harcourt Assessment business to Pearson is continuing and this transaction is expected to complete by early 2008. The sale of the Harcourt Education International businesses to Pearson was completed earlier in 2007. The sale of the Harcourt Assessment and International businesses to Pearson was announced on May 4, 2007.
The aggregate net proceeds of the sale of the entire Harcourt Education division of nearly $4 billion will be returned to shareholders by way of special dividend. This will be in an equalisation ratio, followed by a corresponding consolidation of the share capitals of Reed Elsevier PLC and Reed Elsevier NV. Further details of the special dividend and the share consolidation will be announced on completion of the sale to Houghton Mifflin Riverdeep Group. The aggregate net proceeds will be distributed irrespective of whether or not the sale of Harcourt Assessment to Pearson has closed.
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