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Reed Elsevier Finalizes Harcourt PurchaseSome eight months after announcing its intent to purchase Harcourt General, Anglo-Dutch publishing giant Reed Elsevier has completed its acquisition of the U.S. multimedia publisher. The $4.5-billion deal cleared its final hurdle July 5, after the British Competition Commission gave its approval despite concerns in some circles that Reed Elsevier’s gaining ownership of Harcourt’s science, technical, and medical journals might inflate prices for libraries. Reed Elsevier officials also had to overcome the objections of the Association of Research Libraries, whose concerns about serials prices prompted an investigation by the U.S. Department of Justice’s antitrust division. The DOJ okayed the deal May 7. “We are delighted to welcome to Reed Elsevier the management and staff of Harcourt and we will be working closely together to combine our businesses,” remarked Reed Elsevier CEO Crispin Davis. The firm indicated that once the merger was complete it would sell Harcourt’s Higher Education and part of its Corporate and Professional Services divisions to the Thomson Corporation. Posted July 16, 2001. |
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