(Yicai Global) Nov. 28 -- British multinational publishing and education company Pearson PLC has sold Wall Street English (WSE), one of the world's largest English-language teaching firms to a consortium consisting of funds affiliated with Baring Private Equity Asia and CITIC Capital for around USD300 million, the company said in a press briefing yesterday.
This deal will help the group to reduce debts by approximately USD100 million, while Wall Street English will retain USD150 million in operating cash, and USD50 million to cover tax and net transaction costs.
The disposal is a part of Pearson's plans to simplify its business lines. The company sold its language training subsidiary Global Education (GEDU) to China-based Puxin Education in the summer.
Founded in 1972 in Italy, Wall Street English has served over 2 million learners, while registered students total 190,000. In 2010, Wall Street English was acquired by Pearson Group for USD92 million in cash from Carlyle Group and CITI Private Equity.
WSE is a franchised English language learning platform providing language training through more than 450 centers in 28 countries in North Africa, East Asia, Southeast Asia, Europe, Latin America and the Middle East.
Pearson PLC is a UK-based education company and book publisher, which owns some well-known publishing brands including Longman and Prentice Hall.