Pearson to sell Wall Street English to funds, bringing in around $100 million

LONDON (Reuters) - Pearson, the struggling education group, has agreed the sale of its Wall Street English business to a consortium of funds led by Baring Private Equity Asia and CITIC Capital, for around $300 million (225.3 million pounds).

Pearson, which has disposed of some assets to focus on its core education businesses, said the sale would improve its net debt position by around $100 million, with tax and net transaction costs coming in at $50 million and $150 million of operating cash being retained in the disposed business.

The transaction is expected to close in the first half of 2018.