Pearson sells Economist Group stake

According to The BBC, Exor, the holding group of the Agnelli family, has agreed to buy most of Pearson’s shares in the group.

The move comes after Pearson sold the Financial Times and announced it would be focusing on its educational operations.

The Economist Group includes the Economist newspaper and the Economist Intelligence Unit analysis company.

Pearson chief executive John Fallon said: “Pearson is proud to have been a part of the Economist’s success over the past 58 years, and our shareholders have benefited greatly from its growth.

“Pearson is now 100% focused on our global education strategy.”

The company said that Exor had agreed to buy 27.8 per cent of the Economist Group’s ordinary shares for £227.5m, and B-shares for £59.5m.

The remaining shares will be repurchased by the Economist Group for £182m, Pearson said.

Pearson currently employs about 40,000 people globall.