Japan’s Nikkei to buy Financial Times Group for $1.3 bn

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London | Updated: July 23, 2015 8:34:06 PM

Japan's Nikkei has agreed to buy the FT Group, publisher of the Financial Times newspaper, from Britain's Pearson for 844 million pounds ($1.31 billion) in cash.

Financial TimesThe Financial Times (FT) Group provides a range of business news services that also include a 50-percent share of The Economist magazine and a joint venture with Russian business paper Vedomosti. (Courtesy: FT)

Japanese media group Nikkei on Thursday agreed to buy the Financial Times from Britain’s Pearson in a $1.3 billion deal that brings together two leading financial news organisations from Europe and Asia.

The sale of the FT Group does not include its 50 percent stake in The Economist magazine or the London headquarters of the newspaper on the banks of the River Thames.

Reuters reported earlier on Thursday that the 171-year-old Pearson had finally decided to sell the pink-paged business daily after years of speculation that it could be sold as Pearson expanded into education.

That report prompted a flurry of speculation, with two newspapers including the Financial Times reporting that Germany’s Axel Springer would be the buyer, which Springer subsequently denied.

In a joint statement, Pearson said it had agreed to sell the FT Group to Nikkei for $1.3 billion in cash. Its shares were up 2.3 percent at 1440 GMT.

“I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organisations in the world,” said Tsuneo Kita, cairman and group CEO of Nikkei. “We share the same journalistic values.”

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