Pearson PLC (LSE:PSON) said it agreed to sell its local courseware businesses in Italy and Germany to Sanoma Corporation for £163mln in cash.
In addition, it will enter into an agreement for Sanoma to distribute Pearson's English Language Teaching products in Italy.
The sale is as part of the strategic review of Pearson’s international courseware local publishing businesses, announced in March last year, which has already seen the group dispose of its Brazilian Sistemas business for £108mln.
Pearson noted that the proceeds from the K12 sale were anticipated in its decision to commence its £350mln share buyback programme, adding that the repurchase is progressing well, with over £100mln in shares bought back so far since the launch.
The businesses involved in the strategic review contributed revenue of £252mln and adjusted operating profit of £22mln in 2021. Pearson estimated the impact of the disposal of these businesses will be £15mln-£20mln in 2022.
It said it is making “good progress” with the review and will update the market further in due course.