Pearson PLC Disposal (1507O)
August 16 2017 - 4:35AM
UK Regulatory
TIDMPSON
RNS Number : 1507O
Pearson PLC
16 August 2017
16th August 2017
London
Press Release
Pearson announces the sale of GEDU to Puxin Education.
Pearson is today announcing that it has completed the sale of
Global Education (GEDU) to Puxin Education. The disposal, together
with the sale of associated property assets, is expected to
generate gross cash proceeds to Pearson in the region of $80m.
GEDU is a leading provider of English language training and test
preparation for Chinese students wishing to study abroad. In 2016
the business served 64,000 learners with revenue of GBP78m and an
adjusted operating loss of GBP4m. In 2016 GEDU had approximately
1,900 FTE employees.
The sale marks progress in Pearson's strategic shift away from
large-scale direct delivery services to focus on more scalable
online, virtual, and blended services. It follows Pearson's
announcement at its full year 2016 results in February that it was
exploring a possible exit of the business.
Moelis & Company acted as financial advisor to Pearson on
this transaction.
Notes to editors
About Pearson
Pearson is the world's learning company, with expertise in
educational courseware and assessment, and a range of teaching and
learning services powered by technology. Our mission is to help
people make progress through access to better learning. We believe
that learning opens up opportunities, creating fulfilling careers
and better lives. For more, visit: www.pearson.com/corporate
About GEDU
Founded in 1997, GEDU is a leading education company focused on
English language training and test preparation for students wishing
to study abroad, providing a range of world-class products and
services including study-abroad consultation, pre-test trainings on
IELTS and TOEFL, as well as some international curriculums. GEDU
was acquired by Pearson in 2011.
About Puxin Education
Puxin Education is a private education company providing
tutorial program for K-12 education, overseas test prep and college
admission counselling services in more than 30 cities in China.
For more information
T: + 44 (0)20 7010 2310
Investors: Jo Russell, Tom Waldron, Anjali Kotak
International media: Tom Engel, Tom Steiner
China media: Yun Cai at yun.cai@pearson.com, +86-10-5735
5012
Ends
Forward looking statements:
Except for the historical information contained herein, the
matters discussed in this statement include forward-looking
statements. In particular, all statements that express forecasts,
expectations and projections with respect to future matters,
including trends in results of operations, margins, growth rates,
overall market trends, the impact of interest or exchange rates,
the availability of financing, anticipated cost savings and
synergies and the execution of Pearson's strategy, are
forward-looking statements. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that will occur in future. They
are based on numerous assumptions regarding Pearson's present and
future business strategies and the environment in which it will
operate in the future. There are a number of factors which could
cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements,
including a number of factors outside Pearson's control. These
include international, national and local conditions, as well as
competition. They also include other risks detailed from time to
time in Pearson's publicly-filed documents and you are advised to
read, in particular, the risk factors set out in Pearson's latest
annual report and accounts, which can be found on its website
(www.pearson.com/investors). Any forward-looking statements speak
only as of the date they are made, and Pearson gives no undertaking
to update forward-looking statements to reflect any changes in its
expectations with regard thereto or any changes to events,
conditions or circumstances on which any such statement is based.
Readers are cautioned not to place undue reliance on such
forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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