Publishing group Pearson has agreed to sell its 50% stake in the Economist Group for £469m, it has been announced.
Italy’s Agnelli family – via its investment arm, Exor – has agreed to buy the bulk of Pearson’s shares in the group, less than a month after Pearson sold the FT Group to Japan’s Nikkei for £844m.
The Economist Group’s assets include The Economist newspaper, Economist.com, the Economist Intelligence Unit and US legislative information provider CQ Roll Call.
In 2014, The Economist Group contributed £21m to Pearson’s operating income and approximately 3 pence to adjusted earnings per share.
The transaction is subject to a number of regulatory approvals and to approval by both a 75% majority of The Economist Group shareholders and the group’s independent trustees.
Pearson said the proceeds will be used for general corporate purposes and investment in its global education strategy.
“Pearson is proud to have been a part of the Economist’s success over the past 58 years, and our shareholders have benefited greatly from its growth,” said John Fallon, Pearson’s chief executive.
“We have enjoyed supporting the company as it has built a global business, sustaining the excellence of its journalism and ensuring it is read more widely. We wish all our colleagues at The Economist every future success.
“Pearson is now 100% focused on our global education strategy. The world of education is changing rapidly and we see great opportunity to grow our business through increasing access to high quality learning globally.”
The transaction is expected to close during the fourth quarter of 2015.
