Pearson Sells Chinese Unit for $80 Million

Features Dow Jones Newswires

Education services provider Pearson PLC (PSON.LN) said Wednesday that it has sold unit Global Education and associated property assets to Puxin Education for $80 million.

Continue Reading Below

The company said the sale is in line with the strategic plan of shifting away from direct delivery services to online services.

Global Education provides English language training to Chinese students. In 2016, the business recorded an adjusted operating loss of 4 million pounds ($5.16 million) and revenue of 78 million.

Moelis & Co. acted as financial advisor to Pearson on the sale.

Shares of Pearson at 0944 GMT up 0.2% at 622 pence.

Write to Tapan Panchal at tapan.panchal@wsj.com

Continue Reading Below

(END) Dow Jones Newswires

August 16, 2017 06:03 ET (10:03 GMT)