News Corporation has been looking to sell the TSL for some time and an auction for the company got under way early in the summer.
The bidding saw several media owners in the initial bidding, but Emap and Guardian Media Group dropped out, leaving the private equity firms to battle it out for TSL, which comprises The Times Educational Supplement, The Times Higher Educational Supplement, as well as smaller titles such as Nursery World. The Times Literary Supplement is not part of the sale.
As well as Exponent, Apax Partners and Candover to were also reported to have been in the running for TSL.
Under the terms of the deal News International will continue to print and distribute The Times Educational Supplement and The Times Higher Education Supplement as well as providing financial and other services.
The deal marks the first time News Corp chairman Murdoch has sold any of his British newspaper assets. He acquired TSL as part of his takeover of The Times in 1981 from the Thomson family.
The sale also includes various websites and exhibitions aimed at teachers and education professionals.
In a related move, Bernard Gray, CEO of United Business Media's magazine publishing division CMPi, has been appointed chief executive of TSL Education.
David Levin, chief executive of United Business Media, said: "Bernard has done a great job in his role as CEO of CMPi and we wish him well in his new role."
UBM said that Egon Zehnder has been retained to conduct a search for a new CEO.
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