Education group Pearson sells Courseware businesses in Italy, Germany for $203 mln (updated)
07/06/2022 07:57
(Adds detail)
LONDON, June 7 (Reuters) - Global education group Pearson
PSON.L has agreed to sell its local K12 Courseware businesses
in Italy and Germany to Sanoma Corporation SAA1V.HE for 163
million pounds ($203 million), it said on Tuesday.
The British company, emerging from years of turbulence
sparked by the U.S. education market moving online, launched a
strategic review of its International Courseware local
publishing businesses in March last year and as part of this
review completed the disposal of its Brazilian business sistemas
in October for 108 million pounds.
The deal with Nasdaq Helsinki-listed Sanoma includes an
agreement for it to distribute Pearson's English language
teaching products in Italy.
Pearson said the proceeds of the deal were anticipated in
its decision to start a 350 million pound share buyback
programme.
It said the impact of disposals of strategic review
businesses on its 2022 adjusted operating profit was expected to
be 15-20 million pounds.
Pearson rejected a private equity offer in March and in
April beat forecasts for first quarter sales. urn:newsml:reuters.com:*:nL5N2WR25G
Its shares are up 22% so far this year.
($1 = 0.8028 pounds)
(Reporting by James Davey, Editing by Louise Heavens)
((james.davey@thomsonreuters.com))