Pearson Sells Wall Street English for $300 Million
November 27 2017 - 5:23AM
Dow Jones News
By Carlo Martuscelli
Pearson PLC (PSON.LN) said on Monday that it was selling its
Wall Street English business for $300 million to a consortium
affiliated with Baring Private Equity Asia and CITIC Capital.
Wall Street English will retain $150 million of the operating
cash, while tax and net transaction costs are expected to come in
around $50 million, the publishing and education company said.
The sale of the English language learning business will improve
Pearson's net debt position by about $100 million.
The total figure for the deal is after adjustments for deferred
revenue and tax liabilities.
The company said that the transaction is expected to close in
the first half of 2018.
"The sale of Wall Street English is part of our continued effort
to focus on a smaller number of bigger opportunities in global
education and to become simpler and more efficient," said Chief
Executive John Fallon.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
November 27, 2017 05:08 ET (10:08 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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