Pearson up on disposal news

Shares in FTSE 100 publisher Pearson (LON:PSON) climbed 3.14% to 664.20p (as of 11:40 GMT) after the company announced the sale of its remaining 25% stake in Penguin Random House. The agreed consideration for the sale was $675 million and the deal is still subject to regulatory approval.

CEO John Fallon commented: “For almost 50 years, Pearson has been proud to play our part in the publishing and commercial success of first Penguin and then more recently Penguin Random House. With the sale of our remaining stake to our partners, Bertelsmann, we know the company is in good hands – and we wish our colleagues and authors every future success. This enables Pearson now to be completely focused on building the world’s leading digital learning company, linking education to employability and skills, and reaching more learners around the world to support them through a lifetime of learning“.