(NOT) OCCUPYING WALL STREET: Pearson, a major textbook publisher and education group, has sold off its Wall Street English business to Baring Private Equity Asia and CITIC Capital for $300 million. And according to Reuters, Pearson’s “proceeds from the deal will be just a third of that,” with $50 million going towards tax and transaction costs and $150 million set aside “in the disposed business.”
The news follows a string of businesses that Pearson has cut off, including The Financial Times and Powerschool, a student information system. Hit heavily by a push towards digital and away from traditional print textbooks, the company had accumulated $1.7 billion in debt as of September, Reuters reports.
