Private Equity
A divestiture promises to deliver a cash infusion to this money-losing business. : Shares of Houghton Mifflin Harcourt Company (NASDAQ: HMHC) are rocketing 14.1% as of noon EDT on news that the textbook publisher has agreed to sell its Riverside clinical and standardized testing portfolio to San Francisco-based private equity firm Alpine Investors for $140 million. Houghton Mifflin clarified that the assets it is selling include "the Woodcock-Johnson family, the Cognitive Abilities Test (CogAT), Iowa Assessments and the distribution of Battelle Developmental Inventory (BDI) among other assets."

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