Pearson PLC (PSON.L,PSO) Monday said it agreed to buy a 75% stake in CTI Education Group of South Africa for £31 million in cash, establishing a partnership with CTI to expand its activities and reach more students in southern Africa.
Pearson expects the transaction to enhance its adjusted earnings per share and return on invested capital from 2011.
The CTI transaction which will strengthen Pearson's market-leading education company in southern Africa is subject to regulatory approval and is anticipated to close in the first quarter of 2011.
The deal also includes a provision under which Pearson may buy the remaining 25% of CTI in three years' time.
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