Pearson Plc Announces Sale Of Its US K12 Courseware Business - Quick Facts

(RTTNews) - Pearson plc (PSO, PSON.L) announced the sale of its US K12 courseware business to Nexus Capital Management LP for headline consideration of $250 million. Total proceeds comprise an initial cash payment of $25 million and an unconditional vendor note for $225 million expected to be repaid in three to seven years. The Group said the cash proceeds generated in due course will be used for general corporate purposes.

Pearson's US K12 courseware business provides textbooks and instructional resources to help teachers and students at every stage of K12 learning in the United States. The Group said the disposal is an important part of its ongoing work to become a simpler and more efficient company.