Pearson agrees to sell online unit to Regent
LONDON, March 21 (Reuters) - British education group Pearson (PSON.L) said it would sell Pearson Online Learning Services (POLS) to private equity group Regent for a deferred sum paid over a number of years, as it seeks to reshape its portfolio towards lifelong learning.
Regent will pay Pearson 27.5% of POLS' adjusted earnings each year for six years plus a proportion of the proceeds when it sells the unit.
Pearson said the disposal of the international online programme management business was likely to be immaterial to its 2023 operating profit.
In 2022, POLS made a loss of 26 million pounds ($32 million)on revenue of 155 million pounds. Pearson had announced last year that POLS was the subject of a strategic review.
($1 = 0.8162 pounds)
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