08/16/2017 | Press release | Distributed by Public on 08/16/2017 04:44
Pearson is today announcing that it has completed the sale of Global Education (GEDU) to Puxin Education. The disposal, together with the sale of associated property assets, is expected to generate gross cash proceeds to Pearson in the region of $80m.
GEDU is a leading provider of English language training and test preparation for Chinese students wishing to study abroad. In 2016 the business served 64,000 learners with revenue of £78m and an adjusted operating loss of £4m. In 2016 GEDU had approximately 1,900 FTE employees.
The sale marks progress in Pearson's strategic shift away from large-scale direct delivery services to focus on more scalable online, virtual, and blended services. It follows Pearson's announcement at its full year 2016 results in February that it was exploring a possible exit of the business.
Moelis & Company acted as financial advisor to Pearson on this transaction.
Pearson is the world's learning company, with expertise in educational courseware and assessment, and a range of teaching and learning services powered by technology. Our mission is to help people make progress through access to better learning. We believe that learning opens up opportunities, creating fulfilling careers and better lives. For more, visit: www.pearson.com/corporate
Founded in 1997, GEDU is a leading education company focused on English language training and test preparation for students wishing to study abroad, providing a range of world-class products and services including study-abroad consultation, pre-test trainings on IELTS and TOEFL, as well as some international curriculums. GEDU was acquired by Pearson in 2011.
About Puxin Education
Puxin Education is a private education company providing tutorial program for K-12 education, overseas test prep and college admission counselling services in more than 30 cities in China.
For more information
T: + 44 (0)20 7010 2310Investors: Jo Russell, Tom Waldron, Anjali KotakInternational media: Tom Engel, Tom SteinerChina media: Yun Cai at [email protected], +86-10-5735 5012
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