Pearson to buy eCollege for net 477 mln usd |
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Mon, 14 May 2007 16:46
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LONDON (Thomson Financial) - Pearson, the international education and information company, has acquired eCollege, the US online distance learning firm.The net cost to Pearson is 477 mln usd, which consists of a consideration of 538 mln usd or 22.45 usd per share. Pearson's purchase of eCollege includes the 41 mln usd of the agreed sale of eCollege's Datamark division and around 20 mln usd of net cash on eCollege's balance sheet.The transaction is expected to close in the third quarter of 2007. Pearson said it expects the acquisition to be broadly neutral to adjusted earnings per share in 2008 and to enhance adjusted EPS and generate a return above Pearson's cost of capital from 2009.'The acquisition meets our financial goals and supports our strategy of combining content, technology and services to advance learning,' said Marjorie Scardino, Pearson's chief executive in a statement.r.jones@thomson.comrj/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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