Takeover gives Pearson new scale in China
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Tuesday 22 November 2011
Pearson will "significantly" expand its education business in China, with the $155m (£99m) acquisition of a company which specialises in the fast growing area of local students preparing for English tests.
The FTSE 100 group, which owns Penguin and the Financial Times, makes the lion's share of its revenues through its education business and has been targeting expansion in fast-growing markets.
The takeover, announced yesterday, of the Nasdaq-listed Global Education and Technology Group, expected to be completed before the end of the year, marks the latest in a series of acquisitions across emerging markets, including India and Brazil. It expands its presence in China from eight cities to 60. Pearson currently offers English teaching to professionals and children in China through its Wall Street English and Longman Schools arms.
John Fallon, the chief executive of Pearson's international education business, said the acquisition "significantly extends our scale, geographic breadth and range of education in the fastest-growing English language teaching market in the world". Thomas Singlehurst, an analyst at Citi, said the deal was in Pearson's "sweet spot".
- 1 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 This crazy skiing video will leave you feeling queasy
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Mother of newborn Baby No 59 trapped in sewer pipe told Chinese police she 'heard crying' when she raised alarm
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
AirAsia QZ8501: Black box reveals warning alarms 'screamed' before crash, as more bodies recovered from near fuselage of jet
Rob Lowe hits out at White House decision not to meet Israeli leader
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
David Cameron says anyone criticising Eric Pickles' letter to Muslims 'really has a problem'
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...