Global education group Pearson has agreed to sell its local K-12 Courseware businesses in Italy and Germany to Sanoma Corporation for 163 million pounds ($203 million), it said on Tuesday.
The British company, emerging from years of turbulence sparked by the US education market moving online, launched a strategic review of its International Courseware local publishing businesses in March last year and as part of this review completed the disposal of its Brazilian business sistemas in October for 108 million pounds.
The deal with Nasdaq Helsinki-listed Sanoma includes an agreement for it to distribute Pearson’s English language teaching products in Italy.
Pearson said the proceeds of the deal were anticipated in its decision to start a 350 million pound share buyback programme.
It said the impact of disposals of strategic review businesses on its 2022 adjusted operating profit was expected to be 15-20 million pounds.
Pearson rejected a private equity offer in March and in April beat forecasts for first quarter sales.
Its shares are up 22% so far this year.