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Pearson to sell Wall Street English to funds, bringing in around $100 mln
November 27, 2017 / 8:09 AM / 18 days ago

Pearson to sell Wall Street English to funds, bringing in around $100 mln

LONDON, Nov 27 (Reuters) - Pearson, the struggling education group, has agreed the sale of its Wall Street English business to a consortium of funds led by Baring Private Equity Asia and CITIC Capital, for around $300 million.

Pearson, which has disposed of some assets to focus on its core education businesses, said the sale would improve its net debt position by around $100 million, with tax and net transaction costs coming in at $50 million and $150 million of operating cash being retained in the disposed business.

The transaction is expected to close in the first half of 2018.

Reporting by Kate Holton, editing by James Davey

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