Reed Elsevier to sell rest of Harcourt Education to Houghton Mifflin

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London—Anglo-Dutch publisher Reed Elsevier on Monday said it would sell the remaining parts of its Harcourt Education division to U.S. publisher Houghton Mifflin Co. for $4 billion. Reed Elsevier said it would sell Harcourt Education, Harcourt Trade and Greenwood-Heinemann for $3.7 billion in cash and $300 million in stock from Houghton Mifflin parent Houghton Mifflin Riverdeep Group.

Reed Elsevier said it would return the net proceeds from the sale to shareholders through a special dividend.

The transaction, expected to be completed by early 2008, is subject to regulatory review.

In May, Pearson PLC agreed to buy Harcourt Assessment and Harcourt Education International for $950 million.

—Matthew Schwartz

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