27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
The global investment firm Platinum Equity has acquired educational publishing company McGraw Hill from funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) for approximately $4.5 billion.
McGraw Hill Deal Notes: McGraw Hill was founded in 1888, and its text books, digital learning tools and platforms are found in more than 100 countries.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Apollo purchased the education unit of McGraw Hill Companies in 2012 for roughly $2.5 billion and retained the McGraw Hill name, while the remaining parent company rebranded as McGraw Hill Financial Inc. and later as S&P Global Inc.
According to Apollo, McGraw Hill generates more than $1 billion a year in revenue from digital products, and the percentage of revenue from this sector of its operations has grown from less than 25% in 2013 to more than 60% today — with more than 80% in its Higher Education business.
Related Link: EXCLUSIVE: Jan Eeckhout's 'The Profit Paradox' Details How Lack Of Competition Warps Economies
Why Platinum Equity Made The Deal: Platinum Equity founder and CEO Tom Gores cited McGraw Hill’s digital offerings during the coronavirus pandemic as being a main selling point for the transaction.
“The pandemic has been especially disruptive to education, and investing in innovative solutions, and digital learning tools in particular, is more important than ever,” he said in a statement. “We are excited about the opportunity to put our operational and financial resources to work on behalf of students and teachers everywhere.”
McGraw Hill CEO Simon Allen and his senior leadership team will continue to lead the business under its new owners.
“Working with Apollo, we have transformed our business,” Allen said. “Now, with Platinum's resources and expertise, we will be positioned to accelerate our digital growth and to continue to lead the way as a trusted education partner during a dynamic time for the industry.”
APO Price Action: At last check, Apollo’s shares were trading at $58.49, up 0.83%.
(Photo courtesy McGraw Hill.)
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.