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.
The company said the sale is in line with the strategic plan of shifting away from direct delivery services to online services.
Continue Reading Below
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 email@example.com
(END) Dow Jones Newswires
August 16, 2017 06:03 ET (10:03 GMT)