Pearson Sells Chinese Unit for $80 Million
August 16 2017 - 5:18AM
Dow Jones News
LONDON--Education services provider Pearson PLC (PSON.LN) said
Wednesday that it has sold unit Global Education and associated
property assets to Puxin Education for $80 million.
The company said the sale is in line with the strategic plan of
shifting away from direct delivery services to online services.
Global Education provides English language training to Chinese
students. In 2016, the business recorded an adjusted operating loss
of 4 million pounds ($5.16 million) and revenue of 78 million.
Moelis & Co. acted as financial advisor to Pearson on the
sale.
Shares of Pearson at 0944 GMT up 0.2% at 622 pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
August 16, 2017 06:03 ET (10:03 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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