Publisher Pearson acquires English language teaching group
The British publishing group Pearson said Thursday it had acquired the Wall Street Institute, provider of English language instruction, from investment funds Carlyle and Citi Private Equity for 92 million dollars (70 million euros).
Wall Street Institute has 340 teaching centres under licence in 25 countries and last year had sales of around 60 million dollars.
Pearson said the transaction would reunite Wall Street Institute with Wall Street English, which operates 44 English-language teaching centers in China. Pearson acquired Wall Street English from Wall Street Institute in 2009.
Pearson described the market for English language training as "large and growing."
It cited an estimate from the British Council that consumer spending on English language instruction now amounts to 50 billion dollars, with the fastest growth expected in Asia, the Middle East, Latin America and eastern Europe.
© 2010 AFP