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Pearson Sells Local K12 Courseware Businesses in Italy and Germany.

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Vincent

MANews-(C)2009-2022

UK-based education publishing and assessment company Pearson has launched a strategic review of its International Courseware local publishing businesses, the company said.

As part of this review, Pearson already completed the disposal of its Brazilian sistemas business in October 2021 for RUSD 789m (GBP 108m).

This week, Pearson announced that it has agreed to sell its local K12 Courseware businesses in Italy and Germany to Sanoma Corp., a leading European K12 learning services company operating in 11 countries and listed in NASDAQ Helsinki (SAA1V).

The headline consideration of this transaction is GBP 163m (USD 200.73m), which will be paid in cash on completion, subject to typical working capital adjustments.

Under the terms of the transaction, Pearson will also enter into an agreement with Sanoma for it to distribute Pearson's English Language Teaching products in Italy.

The proceeds of this transaction were anticipated in the decision to commence Pearson's GBP 350m share buyback programme, which is progressing well, with over GBP 100m in shares repurchased since launch.

The Italian and German local K12 Courseware businesses had gross...

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