BOSTON
Educational textbook publisher Houghton Mifflin Co. agreed Monday to buy the remaining U.S. units of scientific and medical publisher Reed Elsevier for $4 billion in cash and stock, creating what could become the largest K-12 publisher in the country in terms of market share.
The Boston-based division of Houghton Mifflin Riverdeep Group PLC will pay $3.7 billion in cash and $300 million in common stock of its parent company to acquire Harcourt Education, Harcourt Trade and Greenwood-Heinemann.
The sale of the divisions of Dutch-Anglo publisher Reed Elsevier is expected to be completed in late 2007 or early 2008, and is subject to regulatory approval, Houghton Mifflin said.
