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Name | Symbol | Market | Type |
---|---|---|---|
Pearson Plc | NYSE:PSO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.11 | -0.90% | 12.07 | 12.20 | 12.045 | 12.17 | 596,846 | 22:59:45 |
By Tapan Panchal
LONDON-- Pearson PLC has agreed to sell its 50% stake in the publisher of the Economist magazine to the unit's existing shareholders for GBP469 million ($730.62 million) in cash, the company's latest move to focus on education.
Pearson on Wednesday said it would sell 27.8% of the Economist Group's ordinary shares and all of the B special shares to Exor SpA, the investment vehicle of Italy's Agnelli family, for GBP287 million. The rest of its ordinary shares in the publisher will be repurchased by the Economist Group for GBP182 million.
The disposal follows Pearson's recent sale of the FT Group, which includes the Financial Times newspaper, to Nikkei Inc. of Japan for GBP844 million.
Exor is run by John Elkann, an Agnelli family scion, who serves as the vehicle's chairman and chief executive. It already holds less than 5% of the Economist Group and, among other business interests, controls Fiat Chrysler Automobiles.
Other shareholder in the Economist Group include the Cadbury and Rothschild families, as well as existing and former staff.
As well as owning the Economist magazine, a weekly business and international news publication with a circulation of 1.6 million, the publisher owns data firm the Economist Intelligence Unit and CQ Roll Call.
Pearson said it expected the deal to close in the fourth quarter and to use the proceeds to invest in its global education strategy.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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