UK-based education and information company Pearson has acquired China-based rival Wall Street English from Wall Street Institute for $145 million (£96.6 million).
UK-based education and information company Pearson has acquired China-based rival Wall Street English from Wall Street Institute for $145 million (£96.6 million).
Wall Street English provides English language training to some 35,000 students in cities across China, and generates a turnover of some $70 million (£46.6 million). The deal comes after Pearson entered the Chinese market with the acquisitions of Learning Education Center and Dellenglish last year.
John Fallon, chief executive of Pearson’s International Education business, said: “Wall Street English is a successful company with high-quality educational programmes, strong management, a premium brand, good cash flow and margins, and excellent growth prospects.”
Pearson reported an increase in adjusted operating profit of 11 per cent to £762 million in 2008, and profits for its education division up 11 per cent to £474 million. Marjorie Scardino, Pearson chief executive, said: “Over the past five years, Pearson has produced steadily rising sales, profits, earnings, cash and returns. We are particularly pleased to have continued that record in 2008 in the face of a sharp economic downturn.”
