John Wiley & Sons buying for $220M

HOBOKEN, N.J. -- Publisher John Wiley & Sons is buying online education provider for $220 million to diversify its offerings and speed up its digital learning strategy.

Privately held LLC is based in Chicago and had $54 million in revenue for fiscal 2012. The company works with colleges and universities to develop and support online degree and certificate programs. Its more than 300 employees will join John Wiley & Sons Inc. after the deal is complete.

John Wiley & Sons, based in Hoboken, N.J., said Tuesday that the buyout is expected to close by the end of the month.

Last month the company reported that its fiscal first-quarter net income dropped 29 percent, hurt by the effects of unfavorable exchange rates and restructuring costs.

Shares of John Wiley & Sons rose 5 cents to $45.53 in morning trading.