Pearson sells US K12 courseware unit to Nexus for $250m
By Frank Prenesti
Date: Monday 18 Feb 2019
(Sharecast News) - Pearson on Monday said it had sold its its US K12 courseware business to Nexus Capital Management for $250m (£193.6m).
Total proceeds comprise an initial cash payment of $25m and an unconditional vendor note for $225m expected to be repaid in three to seven years.
After repayment of the vendor note, Pearson would be entitled to 20% of all future cash flows to equity holders and 20% of net proceeds in the event the business is sold.
The transaction is expected to complete at the end of the first quarter of 2019 and cash proceeds generated in due course will be used for general corporate purposes.
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