Lego buys out partner in schools unit
Thursday 05 January 2012
The toy maker Lego has taken full control of its education division after buying the remaining 49 per cent stake for €4.4m (£3.7m) from the UK-listed education supplier RM.
Lego Education Europe distributes specialist branded toys and educational tools for use in schools. Lego, based in Denmark, is paying €2.2m in cash and a further €2.2m in debt repayment.
RM, which is selling non-core assets, is also selling parts of its separate Dacta toy business to Tolo Toys Learning for €270,000.
Lego Education Europe was set up in 2010, after previously being part of Dacta.
RM indicated that the businesses it is selling "are expected to be loss-making for the 14 months to November 30, 2011".
Shares in RM, which have fallen in value by two-thirds over the past year, rose 12.5 per cent to 65.25p.
Privately-owned Lego has been passionate about supporting education efforts as it claims to be a universal toy which crosses language barriers, helps children understand construction and logic, and encourages imagination and collaborative play.
Lego was voted "Britain's Greatest Toy" after a poll by Channel 4 at Christmas 2010.
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