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Pearson to sell remaining 25% stake in Penguin Random House for $675m
StockMarketWire.com
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Educational group Pearson said it had agreed to sell its remaining 25% stake in book publisher Penguin Random House to partner Bertelsmann for around $675m (£530m).
Proceeds would be used to fund a £350m share buyback in early 2020, with the rest used for general corporate purposes.
The company also announced that chief executive John Fallon would retire, in 2020 once a successor had been appointed.
Pearson said the asset disposal was in line with its simplification strategy and valued the Penguin Random House venture at an enterprise value of $3.67bn.
That compared to an $3.55bn enterprise valuation in 2017 when Pearson sold a 22% stake in the venture.
The sale was subject to regulatory consent and expected to close in the first half of 2020.
'This enables Pearson now to be completely focused on building the world's leading digital learning company, linking education to employability and skills, and reaching more learners around the world to support them through a lifetime of learning,' chief executive John Fallon said. Story provided by StockMarketWire.com
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