Pearson selling stake in The Economist for £469m and exiting news
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PEARSON Plc agreed to sell its stake in the 172-year-old The Economist magazine in a £469 million (S$1.03 billion) deal with Exor SpA, completing an exit from business publishing after disposing of the Financial Times newspaper last month.
Exor, the Agnelli family's investment company that controls carmaker Fiat Chrysler, agreed to pay £227.5 million for 27.8 per cent of The Economist Group's ordinary shares and all of the B special shares for £59.5 million. Pearson's remaining ordinary shares will be bought by The Economist Group for £182 million, Pearson said on Wednesday in a statement.
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