Pearson Agrees To Sell Interactive Data Stake For Around $2 Billion
May 04 2010 - 04:24AM
Dow Jones News
Pearson PLC (PSON.LN) said Tuesday it has agreed to sell its 61%
controlling stake in Interactive Data Corp. (IDC) for $33.86 a
share, netting the U.K.-based publisher around $2 billion before
tax.
Interactive Data, a financial market data provider listed in the
U.S., is being bought by private-equity firms Silver Lake and
Warburg Pincus, for about $3.4 billion.
Pearson, which publishes the Financial Times newspaper and has
extensive education-publishing operations, said it will use the
sale proceeds "to accelerate the expansion of its businesses,
including through bolt-on acquisitions, with a particular focus on
adding complementary technology and services to its international,
consumer and professional education businesses."
"Pearson and Interactive Data have extensive growth
opportunities and ambitious expansion plans, and we believe this
transaction will give both companies greater focus and opportunity
to invest more in their strong market positions," Pearson Chief
Executive Marjorie Scardino said in a statement.
At 0746 GMT, Pearson shares were up 6 pence, or 0.6%, at 1057
pence, valuing the company at GBP8.46 billion in a slightly lower
London market.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290;
lilly.vitorovich@dowjones.com
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