Pearson completes business negotiations
Pearson is to take over the Global Education and Technology Group.
Leading education technology firm Pearson has confirmed it will acquire Global Education and Technology Group for $155 million (£98 million) in cash.
The deal is expected to be tied up by the end of the fourth quarter of 2011 and business negotiations may have proved to be useful in the discussions.
Pearson - which operates in more than 60 countries at present - will be expanding its reach in China from eight cities to 60, while it may know also develop a platform that is based on non-English teaching.
John Fallon, chief executive of Pearson's international education business, said: "This acquisition gives us the opportunity to help high school graduates gain the English qualifications they need to progress to university and achieve their own personal goals."
He added there are significant growth opportunities in China at the moment and a process of "organic investment" will be used to take advantage of this.
Posted by Edel Quinn
Source: Pearson press release, November 21st