NEW YORK — Macmillan Inc. said Thursday that it plans to sell four business units to the New York buyout firm of Kohlberg Kravis Roberts & Co. for about $400 million.
KKR recently lost out to Maxwell Communication Corp. in a months-long bidding contest for Macmillan. Early last month, Maxwell purchased the New York publishing and information services giant for about $2.7 billion.
Macmillan, now headed by British publishing magnate Robert Maxwell, identified the four business units as Macmillan Book Clubs Inc., Gryphon Editions Inc., Intertec Publishing Corp. and Webb Publishing Co.
Webb Publishing is the agricultural magazine division of Maxwell Communication. The other units are subsidiaries of Macmillan.
John Walsh, an analyst with Fitch Investors Service Inc., said the sale of the four units probably does not represent a shift in Maxwell's focus on publishing but is merely a move to reduce his debt.