TPG Swoops For Teachers' Bible In £400m Deal

By Mark Kleinman, City Editor

The publisher of the Times Educational Supplement is to be sold to an American buyout firm in a deal valuing the teachers' bible at around £400m.

Sky News has learnt that TPG Capital, one of the world's biggest private equity groups, is buying TSL Education from Charterhouse, another investment firm. The deal is expected to be announced later on Monday.

Charterhouse has owned TSL since 2007 and has been sounding out prospective buyers for months.

TPG is understood to have been enticed by the opportunity to exploit the global community of 52m teachers, which it believes are underserved by existing professional networks.

The American buyout firm's interest has been led by Karl Peterson, its managing partner in London and the former boss of Hotwire, the online car rental and travel booking site.

The Times Educational Supplement was first published in 1910 as a pull-out in The Times newspaper.

Monday's deal will mark the third change of ownership for TSL in less than a decade. Previously owned by News International (now called News UK), the publisher of The Times, TSL was sold to Exponent Private Equity in 2005.

The price of around £400m is expected to crystallise a modest loss for Charterhouse.

TPG, which declined to comment, has owned prominent British companies before, including Debenhams, the department store chain, and Spirit, the pubs group.

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