AEC Education plc, a higher eductation, vocational training and English language business, has agreed to sell its non-core examinations subsidiary, Educational Resources Pte Ltd, or ER, to Pearson Education South Asia Pte. Ltd. for £2.5 million in cash.
The deal also includes a deferred payment equal to the cash realised by Pearson from selling 3m shares it holds in AEC. At the current market bid price this would net AEC a further £270k.
For the year ended Dec. 31, 2011, ER contributed revenue of S$3.92 million Singapore dollars (approx. £2m) representing 10.5% of overall Company revenue; EBITDA of S$205,651 (£0.10 million) and total assets as at Dec. 31, 2011 of S$6.54 million (£3.3 million). The Company said the sale proceeds will be used to expand its core businesses.
The shares were up by more than 14% on the news, valuing the Company at approximately £3.8 million.
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