Pearson is raising $2bn in cash following the long awaited sale of its majority stake in financial information provider Interactive Data Corporation, and plans to use the money to expand through acquisition.
IBC - where Pearson held 61% - is being sold for a total of $3.4bn to investment funds managed by Silver Lake and Warburg Pincus. IDC contributed £55m to Pearson after tax, or 6.8p of earnings per share. The news has left the company's shares 22p lower at £10.29.
Pearson said the proceeds of the sale would be used to accelerate the expansion of its business, including bolt-on acquisitions for its international, consumer and professional education divisions.
