Pearson announced that it has sold its K-12 courseware (e.g. textbook) businesses in Italy and Germany to European learning services company Sanoma Corporation, for £163 million in cash. Sanoma will also handle Italian distribution of Pearson’s English Language Teaching products. In 2021, the Italian and German textbook businesses generated sales of about £90 million and adjusted operating profit of about £9 million, the company said in a release. The sale price reflects an enterprise value multiple of 15.5x, they noted. Pearson has done better with their international K-12 textbook lines than they did in the US, where they practically gave […]
