July 11, 2017 / 6:18 AM / a month ago

Pearson sells 22 percent stake in Penguin Random House to Bertelsmann

LONDON, July 11 (Reuters) - Britain's Pearson has agreed to sell a 22 percent stake in the book publisher Penguin Random House to joint venture partner Bertelsmann for around $1 billion to bolster its balance sheet and return cash to shareholders.

Pearson, restructuring after a string of profit warnings from its education unit, said the sale would strengthen its balance sheet and enable it to return 300 million pounds ($386 million) of surplus capital to shareholders via a share buyback.

It will retain around 25 percent in the publisher. ($1 = 0.7768 pounds) (Reporting by Kate Holton, editing by James Davey)

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