Pearson: sells 22% stake in Penguin Random House.
(CercleFinance.com) - Pearson has sold a 22% stake in the publisher Penguin Random House to its German partner Bertelsmann as part of a strategic review, the British company said on Wednesday.
The transaction will generate net proceeds of approximately one billion dollars, which will strengthen the group's balance sheet.
Pearson now plans to return 300 million pounds to shareholders via a share buyback.
After the sale, Pearson's ownership of Penguin Random House will fall to 25%.
Penguin Random House was formed in 2012 by the merger of book publishers Random House (Bertelsmann) and Penguin Group (Pearson).
The transaction valued Penguin Random House at an enterprise value of 3.5 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The transaction will generate net proceeds of approximately one billion dollars, which will strengthen the group's balance sheet.
Pearson now plans to return 300 million pounds to shareholders via a share buyback.
After the sale, Pearson's ownership of Penguin Random House will fall to 25%.
Penguin Random House was formed in 2012 by the merger of book publishers Random House (Bertelsmann) and Penguin Group (Pearson).
The transaction valued Penguin Random House at an enterprise value of 3.5 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.