Global learning company Houghton Mifflin Harcourt (HMH) (Nasdaq: HMHC) today completed its previously announced divestiture of its Riverside clinical and standardized testing (Riverside) portfolio to private equity firm Alpine Investors for a purchase price of $140 million. Net proceeds to HMH were approximately $135 million after transaction fees.

The completion of the transaction enables HMH to sharpen its focus on developing and delivering next generation K-12 classroom offerings rooted in learning science that seamlessly combine teacher support, data-driven instructional practices, intervention solutions and focused content architecture to accelerate growth for all learners.

As stated at the time of announcement, HMH plans to invest the net proceeds in its Extensions businesses, supporting its overarching strategy to create integrated solutions and improve student outcomes.

About Houghton Mifflin Harcourt

Houghton Mifflin Harcourt (NASDAQ:HMHC) is a global learning company committed to delivering integrated solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and 3 million educators in 150 countries, while its award-winning children's books, novels, non-fiction, and reference titles are enjoyed by readers throughout the world. For more information, visit www.hmhco.com.