McGraw-Hill Education / Cengage Learning Holdings merger inquiry

The CMA investigated the anticipated acquisition by McGraw-Hill Education, Inc of Cengage Learning Holdings II, Inc.

• From: Competition and Markets Authority
• Published: 14 November 2019
• Last updated: 7 May 2020 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Paper printing and packaging
• Outcome: Mergers - phase 2 cancellation
• Opened: 14 November 2019
• Closed: 5 May 2020

Phase 2

Administrative timetable

Date of referral: 24.3.20

Statutory deadline: 28.9.20

• Administrative timetable (27.4.20)

Merger reference cancelled

5 May 2020: The CMA has cancelled its merger inquiry into the anticipated acquisition by McGraw-Hill Education, Inc of Cengage Learning Holdings II, Inc.

• Notice of cancellation of merger reference (7.5.20)
• News story: Publishing merger abandoned after CMA investigation (4.5.20)

Notices

• Notice of extension (27.4.20)

Inquiry group appointed

14 April 2020: The CMA has appointed the inquiry group.

Stuart McIntosh (Chair), Maria da Cunha, Robin Foster and Karthik Subramanya.

Terms of reference

24 March 2020: The CMA has referred the anticipated acquisition by McGraw-Hill Education, Inc of Cengage Learning Holdings II, Inc. for an in-depth investigation.

• Terms of reference (24.3.20)

Phase 1

Statutory timetable

Phase 1 Date	Action
10 March 2020	Decision announced
14 to 28 January 2020	Invitation to comment
14 January 2020	Launch of merger inquiry

Reference decision

24 March 2020: The CMA has referred the anticipated acquisition by McGraw-Hill Education, Inc of Cengage Learning Holdings II, Inc. for an in-depth investigation.

• Decision to refer (30.3.20)

Reference unless undertakings accepted

10 March 2020: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (24.4.20)
• Executive summary (10.3.20)
• News story: Educational publishing merger raises competition (10.3.20)

Invitation to comment: now closed

The CMA is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Launch of merger inquiry

14 January 2020: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement of initial period notice (14.1.20)

Contact

Please send written representations about any competition or public interest to: [email protected]

Published 14 November 2019
Last updated 7 May 2020 + show all updates

1. 7 May 2020

   Notice of cancellation of merger reference published.

2. 4 May 2020

   Merger abandoned.

3. 27 April 2020

   Notice of extension and administrative timetable published.

4. 24 April 2020

   Full text decision published.

5. 14 April 2020

   Inquiry group appointed.

6. 30 March 2020

   Full text of the decision to refer published.

7. 24 March 2020

   Decision to refer and terms of reference published.

8. 14 January 2020

   Launch of merger inquiry announced.

9. 14 November 2019

   First published.