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Pearson to Acquire Global Education in China for $155m

BritCham / CBBC
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Pearson has purchased English-language test company Global Education and Technology Group (GETG) in a deal worth $294m, its largest acquisition to date in the booming Chinese learning market.

The company, owner of the Financial Times and book publisher Penguin, said the acquisition will expand the company's reach in China from eight cities to 60.
Pearson has acquired the company, which was founded in 2001 and is listed on the Nasdaq stock exchange, for a price of $294m.

However, the deal will cost Pearson $155m in cash, with the balance of the deal offset by GETG holding a cash balance of $139m.

GETG provides English language test preparation services for students with 450 centres across 60 cities in China. It is expected to make $65m in revenues this year.
Pearson said the deal will enable it to expand beyond English language teaching.

Pearson has estimated that 500,000 Chinese students sit the internationally recognised English language assessments each year – a fourfold increase over the past five years.

“This acquisition gives us the opportunity to help high school graduates gain the English qualifications they need,” said John Fallon, chief executive of Pearson’s international education business division.

In 2009, Pearson acquired a chain of English-language schools for adults, called Wall Street English, for $145m.
The year before that the company acquired a chain called Longman Schools, for children.

"Through organic investment and complementary acquisitions, we're learning a lot about the very significant growth opportunities we see in China and about the value of combining our content and technology with high-quality school networks," he stated.

Source:Financial TimesPearson, The Guardian,

Photograph: Jason Lee/Reuters

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