London, 16th August: Last week, London-listed education media service provider, Pearson PLC, announced the sale of Global Education and some associated assets to Puxin Education for US$80 million.
Global Education provides English language training to Chinese students. According to media reports, Global Education generated revenues of £78 million (US$101 million) in 2016 and posted an adjusted operating loss of £4 million (US$5.16 million).
Pearson stated in a company press release that the sale of Global Education is consistent with the company’s strategic plan of shifting its business from “direct delivery services” to online services.
Source: MarketWatch article