Pearson Buys Connections Education For $400 Million Cash
15 September 2011 - 3:58PM
Dow Jones News
Pearson PLC (PSO), a publisher of education products and owner
of the Financial Times newspaper in the U.K., said Thursday it has
bought Connections Education from an investor group led by Apollo
Management, L.P. for $400 million in cash.
MAIN FACTS:
-Pearson expects the acquisition to enhance adjusted earnings
per share from 2012, its first full year, including integration
costs, and to generate a return on invested capital above Pearson's
weighted average cost of capital from 2013.
-Connections Education operates online or 'virtual' public
schools in 21 states in the U.S.-serving more than 40,000 students
in the current school year.
-Connections Education has produced revenue growth of more than
30% in each of the past three years and expects to generate
revenues of $190 million in 2011.
-Transaction is subject to a Hart-Scott-Rodino review.
-Shares at 1325 GMT up 29 pence, or 2.7%, at 1107 pence valuing
the company at GBP9.02 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296;
ian.walker@dowjones.com
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