Business Day
*Pearson buys another SA company* *Alistair Anderson, Business Day, Johannesburg, 22 November 2010*British education and media company Pearson today said it would gain a 75% stake in the South African CTI Education Group for £31m cash.
Pearson already has a 50% stake in SA media company BDFM, owner of Business Day.
It also has contracts in South Africa using its Learning Solutions operations.
This is another acquisition in South Africa post the world finance recession suggesting companies have recovered. Momentum and Metropolitan recently merged into a large insurance company called MMI.
The proposed deal is expected to close in the first quarter of next year. Pearson has said the deal should improve its reach in southern Africa. According to the deal, Pearson may buy the other 25% of CTI in three years' time.
CTI is a specialised education institution teaching over nine thousand students on 12 campuses nationwide.
Pearson has noted that roughly 15% of its entry level students come from African countries other than SA, such as Nigeria and Zimbabwe.
Pearson International Education business Chief Executive John Fallon said in a media statement: "We are excited to bring our global resources to bear on the higher education sector in South Africa, to help meet a growing demand for high-quality, career-advancing higher education."
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