Educational programmes provider and exams setter AEC Education has agreed to sell its non-core examinations subsidiary, Educational Resources, to Pearson Education South Asia, part of the Pearson group.
The businesses, which provides London Chamber of Commerce & Industry examinations in Asia, will be sold for a total of £2.5m cash, along with a deferred payment of an amount equal to the net consideration received by Pearson Education for the sale of three million shares it holds in AEC. The sale is expected to complete before the end of October, subject to certain conditions.
The proceeds of the sale will be used by AEC to expand its core businesses.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the year ended December 31st, Educational Resources contributed revenues equivalent to around £2m, equal to 10.5% of overall group revenues.
Chairman of AEC, Liam Swords said: "We are pleased to have agreed the sale of our LCCI examinations business to Pearson. It was no longer a key area of our activities and we will be investing the sale proceeds in AEC's core businesses."
The firm has previously stated that its examination activity was becoming less of a strategic focus as its college activities grow.
NR
-
Coventry Building Society bids £780m for Co-operative Bank - what could it mean for customers?Coventry Building Society has put in an offer of £780 million to buy Co-operative Bank. When will the potential deal happen and what could it mean for customers?
-
Review: Three magnificent Beachcomber resorts in MauritiusMoneyWeek Travel Ruth Emery explores the Indian Ocean island from Beachcomber resorts Shandrani, Trou aux Biches and Paradis
