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Pearson sells Economist Group stake | Pearson sells Economist Group stake |
(35 minutes later) | |
Publishing group Pearson says it has agreed to sell its 50% stake in the Economist Group for £469m. | Publishing group Pearson says it has agreed to sell its 50% stake in the Economist Group for £469m. |
Exor, the holding group of the Agnelli family, has agreed to buy most of Pearson's shares in the group. | Exor, the holding group of the Agnelli family, has agreed to buy most of Pearson's shares in the group. |
The move comes after Pearson sold the Financial Times and announced it would be focusing on its educational operations. | The move comes after Pearson sold the Financial Times and announced it would be focusing on its educational operations. |
The Economist Group includes the Economist newspaper and the Economist Intelligence Unit analysis company. | The Economist Group includes the Economist newspaper and the Economist Intelligence Unit analysis company. |
Pearson chief executive John Fallon said: "Pearson is proud to have been a part of the Economist's success over the past 58 years, and our shareholders have benefited greatly from its growth. | Pearson chief executive John Fallon said: "Pearson is proud to have been a part of the Economist's success over the past 58 years, and our shareholders have benefited greatly from its growth. |
"Pearson is now 100% focused on our global education strategy." | "Pearson is now 100% focused on our global education strategy." |
The company said that Exor had agreed to buy 27.8% of the Economist Group's ordinary shares for £227.5m, and B-shares for £59.5m. | The company said that Exor had agreed to buy 27.8% of the Economist Group's ordinary shares for £227.5m, and B-shares for £59.5m. |
The remaining shares will be repurchased by the Economist Group for £182m, Pearson said. | The remaining shares will be repurchased by the Economist Group for £182m, Pearson said. |
Exor already holds a 4% stake in the Economist Group. Exor's chief executive, John Elkann, said: "By increasing our investment in the Economist we are delighted to affirm our role as one of the group's long-term supportive shareholders, along with the Cadbury, Layton, Rothschild and Schroder families and other individual stable investors." | |
The sale is expected to happen at the end of 2015, subject to the approval of the Economist Group's shareholders, Exor added. |
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