Pearson: Wall Street English sold to consortium.
(CercleFinance.com) - Pearson has agreed to sell its English language training network Wall Street English to a consortium of investors in a transaction expected to generate gross cash of around 300 million dollars, the British publisher said on Monday.
With tax and net transaction costs expected to be around 50 million dollars, Pearson said that after the transaction net debt will improve by approximately 100 million dollars, as around 150 million dollars of operating cash will be kept in the business that will be sold.
Pearson said that the sale of Wall Street English comes as part of its effort to focus on a smaller number of bigger opportunities in global education and become "simpler and more efficient."
The transaction is expected to be closed in the first half of 2018.
The consortium consists of Baring Private Equity Asia, which had sales of 35 billion dollars in 2016 and CITIC, which manages capital of over 22 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
With tax and net transaction costs expected to be around 50 million dollars, Pearson said that after the transaction net debt will improve by approximately 100 million dollars, as around 150 million dollars of operating cash will be kept in the business that will be sold.
Pearson said that the sale of Wall Street English comes as part of its effort to focus on a smaller number of bigger opportunities in global education and become "simpler and more efficient."
The transaction is expected to be closed in the first half of 2018.
The consortium consists of Baring Private Equity Asia, which had sales of 35 billion dollars in 2016 and CITIC, which manages capital of over 22 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.