Pearson Sells Off Financial Data Group To US Buyer

The Financial Times Group, part of Pearson, has sold its Extel financial data business to Primark for £19 million. Primark, which is a US financial data group, will supply company data on a global basis to the Financial Times Group for use by its businesses over the next ten years, under the terms of the agreement.

Stephen Hill, chief executive of the Financial Times Group commented: “Extel has some fine products, but it lacks the global comprehensive data sets its customers increasingly demand. It is a business that is clearly worth more to Primark than it is to us. This deal also gives our own business access to a combined global company information database, which means we can concentrate on investing in the value added strategic business information and analysis for which The Financial Times is known.”

Last year saw the Pearson group preening its interests in order to concentrate its operations on global businesses in education, information and entertainment.

At the beginning of 1998, it sold its law and tax publishing business Thomson Corporation for £70 million (see Newsline). Pearson also sold off Future, its magazine publishing arm, to a management buyout team in April 1998(see Newsline), and the education divisions of US publishing group Simon & Schuster in May(see Newsline).

Pearson announced at the beginning of the year that it is to sell of some of its business and reference titles. Up for sale are Jossey-Bass, MacMillan General Reference and McMillan Library Reference (see Newsline).

Also see today’s Sharewatch for details.

Pearson: 0171 411 2000