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PE firm to buy controlling stake in Discovery Education

Private equity firm Francisco Partners struck a deal to buy a controlling equity stake in Discovery Education Inc. from Discovery Communications Inc. for $120 million in cash.

Discovery will retain a minority equity interest and license the "Discovery Education" brand to the business, the company said Feb. 26. Discovery Education's current management team, led by Bill Goodwyn as president and CEO, will operate the company as a stand-alone business upon the closing of the transaction.

The transaction is subject to customary closing conditions and is expected to occur in the first half of 2018.