12th Aug 2015 06:10
LONDON (Alliance News) - Pearson PLC on Wednesday said it has struck a deal to sell its 50% stake in The Economist Group for GBP469 million in cash.
The FTSE 100-listed education and publishing company, which recently sold the Financial Times newspaper to Japanese publisher Nikkei, is selling the stake to Exor SpA, the investment vehicle run by Italy's Agnelli family, and to The Economist publisher itself.
Under the deal, Exor will acquire 27.8% of The Economist Group's shares for GBP227.5 million, along with all of the B special shares for GBP59.5 million from Pearson. In addition, The Economist Group will acquire the rest of Pearson's shares for GBP182 million.
"Pearson is proud to have been a part of the Economist's success over the past 58 years, and our shareholders have benefited greatly from its growth. We have enjoyed supporting the company as it has built a global business, sustaining the excellence of its journalism and ensuring it is read more widely. We wish all our colleagues at The Economist every future success," said Pearson Chief Executive John Fallon.
"Pearson is now 100% focused on our global education strategy. The world of education is changing rapidly and we see great opportunity to grow our business through increasing access to high quality learning globally," Fallon added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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