Pearson takes majority stake in Indian publisher
British publisher Pearson on Tuesday said it had acquired a controlling stake in Indian education company TutorVista for $127 million (95 million euros).
"Pearson, the world's leading learning company, today announces that it has agreed to increase its shareholding in TutorVista to a controlling 76 percent stake for a consideration of $127 million," said a statement.
"Pearson acquired a minority stake in TutorVista in June 2009 and this transaction takes Pearson's total equity investment in the company to approximately $139 million."
Founded in 2005 by Indian entrepreneur Krishnan Ganesh, TutorVista is headquartered in Bangalore.
"TutorVista is an innovative and effective education company that we have worked with and respected for several years," Pearson chief executive Marjorie Scardino said in the statement.
"This acquisition - which we believe is the largest transaction in education in India by any company - signals our excitement about the vitality of India's education sector."
© 2011 AFP