Pearson to buy EDI in £113m deal
Publishing group Pearson has agreed to acquire Coventry-based Educational Development International (EDI) for nearly £113m. Pearson, which owns the world's largest education business, said it had already received support for the deal from 30 per cent of EDI’s shareholders.
Pearson said the addition of EDI will complement its existing work-based learning business.
Pearson made the offer of 200 pence for each EDI Share, valuing EDI's entire issued ordinary share capital at about £112.7m.
EDI provides education and training qualifications and assessment services.
John Fallon, chief executive of Pearson's International Education Business, said: "In EDI we have found a dynamic partner who shares our commitment to education and training. In the UK and around the world, we will be even better placed to work with employers and training partners to develop high quality apprenticeships and related qualifications. In this work, we will help companies to be more competitive and make their staff more employable."
Citi is acting as financial adviser and corporate broker to Pearson. Brewin Dolphin is acting as financial adviser and corporate broker to EDI.
