Pearson has agreed to sell its stake in the publisher of the Economist magazine for ￡469m in cash, as it continues its push to focus on education assets.
The deal will see Exor, the investment vehicle of the Agnelli family, pay ￡287m for most of Pearson's stake – making it the single largest shareholder in the Economist Group, writes Henry Mance.
The Economist Group will purchase the remainder of Pearson's stake for ￡182m, increasing the holdings of all the current shareholders – such as the de Rothschild, Schroeder and Cadbury families – by 25 per cent. It will sell its Modernist headquarters in London's St James's area to help fund the deal.
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