Pearson completes sale of 22% stake in Penguin Random House
The deal to offload a stake in the publisher was first announced in July.
Pearson has successfully unloaded a 22% stake in its publishing unit Penguin Random House to Germany’s Bertelsmann for around one billion US dollars (£761 million).
The proceeds of the sale, which was originally announced in July, will help fund a £300 million share buyback programme, and allow the company to strengthen its balance sheet and invest in its digital transformation.
The education group still holds a 25% stake in Penguin Random House following the transaction.
Pearson has been working to shore up its finances following a recent string of profit warnings.
The company in February posted a dismal set of annual results, which included a £2.5 billion impairment charge, pushing the former Financial Times owner to a record £2.6 billion loss.