30th Nov 2015 14:21
LONDON (Alliance News) - Pearson PLC on Monday completed the sale of the Financial Times newspaper to Japanese media company Nikkei for GBP844.0 million.
The sale of the FT was among a series of high-profile disposals Pearson made in 2015. These included the sale of its PowerSchool Business, which provides K-12 student information systems, to Vista Equity Partners for USD350 million, in June. Peason also sold its 50% stake in The Economist Group for GBP469 million in cash to Exor SpA, the investment vehicle run by Italy's Agnelli family, and to The Economist publisher itself.
The divestments the group made were cited among the reasons for its earnings guidance downgrade in October, when it said effect of the assets sales on its earnings had been compounded by "challenging" market conditions and adverse currency movements.
Shares in Pearson were down 0.1% to 828.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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