Proposed merger between Cengage Learning and McGraw-Hill Education

Status: 
Completed
Outcome: 
Withdrawn on 5 May 2020
Industry: 
Text Book supplies
Commenced: 
2 September 2019
Total review days: 
71 days

Acquirer(s)

  • Cengage Learning

Target(s)

  • McGraw-Hill Education.

Summary

The parties are both active in education publishing and the transaction involves the combination of Cengage's and McGraw-Hill's global publishing businesses.

Market inquiries

Document title Date
Market inquiries letter ( PDF 275.6 KB ) 2 Sep 2019

Statement of issues

Document title Date
Statement of Issues ( PDF 384.54 KB ) 12 Dec 2019

Timeline

DateEvent
02/09/2019ACCC commenced informal review under the Informal Merger Review Process Guidelines.
17/09/2019Closing date for submissions.
04/10/2019ACCC requested further information from the parties
15/10/2019Former provisional date for announcement of findings (21 November) is delayed to allow the parties more time to provide additional information.
28/10/2019ACCC received further information from the parties.
12/12/2019ACCC published a Statement of Issues outlining preliminary competition concerns.
23/12/2019ACCC requested further information from the parties.
20/01/2020Closing date for submissions relating to Statement of Issues.
06/02/2020ACCC is awaiting information from the parties. Former provisional date for announcement of ACCC’s findings (12 March 2020) is delayed. ACCC will announce a proposed decision date in due course.
05/05/2020ACCC discontinued its public review after Cengage and McGraw-Hill advised that the merger would not be proceeding.