Pearson says sells stake in Interactive Data Corp
British media firm Pearson said Tuesday that it will sell its 61-percent stake in Interactive Data Corporation to two private equity firms for about 2.0 billion dollars (1.5 billion euros) before tax.
"Interactive Data Corporation, a leading provider of financial market data, analytics and solutions, is today announcing that it has entered into a definitive agreement to be acquired by investment funds managed by Silver Lake and Warburg Pincus," the groups said in a statement.
The deal, which values US-listed IDC at approximately 3.4 billion dollars, is expected to close by the end of the third quarter of 2010.
Pearson, publisher of the Financial Times newspaper and Penguin books, said it would use the cash to fund expansion.
"Pearson intends to use the proceeds of the sale to accelerate the expansion of its businesses, including through bolt-on acquisitions, with a particular focus on adding complementary technology and services to its international, consumer and professional education businesses," it said.
Chief Executive Marjorie Scardino added: "Pearson and Interactive Data have extensive growth opportunities and ambitious expansion plans, and we believe this transaction will give both companies greater focus and opportunity to invest more in their strong market positions."
© 2010 AFP