Pearson: sells K12 business in US
(CercleFinance.com) - Pearson has announced the sale of K12, a US-based educational publishing business, to Nexus Capital Management for 250 million dollars, including an upfront payment of 25 million dollars, which marks further progress in its simplification strategy.
Employing around 1,330 people, K12 had net assets of 75 million pounds at the end of December 2018 and last year generated sales of approximately 364 million pounds, with an operating profit of around 20 million pounds.
The British group, which owns the Financial Times, says that the deal is expected to be finalised by the end of the first quarter of 2019, with receipt from the sale used for general purposes.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Employing around 1,330 people, K12 had net assets of 75 million pounds at the end of December 2018 and last year generated sales of approximately 364 million pounds, with an operating profit of around 20 million pounds.
The British group, which owns the Financial Times, says that the deal is expected to be finalised by the end of the first quarter of 2019, with receipt from the sale used for general purposes.
Copyright (c) 2019 CercleFinance.com. All rights reserved.