Pearson Acquires Global Education And Technology For $155 Million
November 21 2011 - 2:46AM
Dow Jones News
Pearson PLC (PSON.LN), the publishing and education company that
owns the Financial Times newspaper, Monday said it has agreed to
acquire Global Education and Technology Group (GEDU), a provider of
test preparation services for students in China who are learning
English, for $155 million in cash.
MAIN FACTS:
-Price is comprised of a headline price of $294 million or
$11.006 per American Depository Share offset by an expected cash
balance of $139 million at closing.
-Acquisition expected to complete in the fourth quarter of
2011.
-Pearson expects Global Education to generate revenues of $65
million in 2011.
-Pearson expects the acquisition to be broadly earnings neutral
in 2012, its first full year, including integration costs.
-From 2013, it expects the acquisition to enhance adjusted EPS
and to generate a cash return on invested capital above Pearson's
weighted average cost of capital.
-Pearson shares closed Friday at 1,103 pence valuing the company
at GBP9 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411;
rory.gallivan@dowjones.com
Global Education & Technology Grp. Ltd ADS (MM) (NASDAQ:GEDU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Global Education & Technology Grp. Ltd ADS (MM) (NASDAQ:GEDU)
Historical Stock Chart
From Jul 2023 to Jul 2024