StockMarketWire.com - Educational publisher Pearson Group said it had sold its US courseware business to Nexus Capital Management for $250m.
The deal marked the completion of another major milestone in the company's simplification programme, Pearson said.
The deal involved an initial cash payment of $25m and an unconditional vendor note for $225m, expected to be repaid in three-to-seven years.
Following the repayment of the vendor note, Pearson said it was entitled to 20% of all future cash flows to equity holders and 20% of net proceeds in the event the business is sold.
The additional consideration had been structured to provide Pearson with the potential to capture future upside in the US K12 courseware adoptions market over the coming years.
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