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Pearson boosts its presence in China
Source: Agencies |
November 22, 2011, Tuesday
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Print Edition
UK publishing group Pearson agreed yesterday to buy China's Global Education and Technology Group, which prepares students for English language tests, for US$155 million, extending its reach in China from eight cities to 60.
Pearson is rapidly building on its 2009 acquisition of the Wall Street English language centers and has used much of the US$2 billion from last year's sale of data provider IDC for acquisitions in China and India.
Yesterday, John Fallon, chief executive of Pearson's International Education Business, said: "Through organic investment and complementary acquisitions, we are learning a lot about the very significant growth opportunities we see in China."
Global Education and Technology, which teaches children and adults, has a network of 450 centers in China. It owns about 115 and the rest are run as franchises.
Pearson said its offer of US$11.006 per American depositary share valued Global Education at US$294 million. Shares in Global Education closed almost 28 percent higher at US$5.37 on Friday.
Pearson is rapidly building on its 2009 acquisition of the Wall Street English language centers and has used much of the US$2 billion from last year's sale of data provider IDC for acquisitions in China and India.
Yesterday, John Fallon, chief executive of Pearson's International Education Business, said: "Through organic investment and complementary acquisitions, we are learning a lot about the very significant growth opportunities we see in China."
Global Education and Technology, which teaches children and adults, has a network of 450 centers in China. It owns about 115 and the rest are run as franchises.
Pearson said its offer of US$11.006 per American depositary share valued Global Education at US$294 million. Shares in Global Education closed almost 28 percent higher at US$5.37 on Friday.
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