Update on sale of Government Solutions

RNS Number : 5039M

Pearson PLC

17 August 2011

 



Press Release

17 August 2011

UPDATE ON SALE OF GOVERNMENT SOLUTIONS

In December 2006, Pearson announced the sale of its Government Solutions business to Veritas Capital. The sale agreement included the retention by Pearson of an equity stake in the business, which was renamed Vangent, Inc.

On 16 August 2011, it was announced that Veritas Capital has reached agreement to sell the business to General Dynamics Corp. Pearson now expects to receive additional cash proceeds of approximately $115m before tax, subject to customary closing conditions and adjustments, on the completion of the transaction.

ENDS

For more information:

Luke Swanson / Simon Mays-Smith / Charles Goldsmith                 [phone]

 

END

 

 

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