Pearson is the global leader in education, providing print and digital learning materials and services used by millions of students every year, principally in North America but also Europe, Asia and Latin America. The Company's education related revenues top $6.5bn. The Company also owns The Financial Times Group, which has an international network of business and financial newspapers and online services and Penguin Group, which is one of the pre-eminent names in consumer publishing.
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.All company news →
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