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.
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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
