Pearson sells stake in FTSE

12.12.11 | Charlotte Williams - The Bookseller

Penguin parent company Pearson has sold its 50% stake in FTSE International to the London Stock Exchange for £450m in cash.
The transaction is expected to close in the first quarter of 2012, with London Stock Exchange then owning 100% of FTSE.
Pearson expects FTSE to make a total post-tax contribution to its adjusted earnings of approximately £18m or 2.2p per share in 2011. The company intends to use the proceeds of the sale to "support and accelerate its strategy, investing in its businesses both organically and through acquisitions of companies with complementary content, technology and geographic exposure".
Pearson chief executive Marjorie Scardino said: "For Pearson, the transaction further strengthens our financial position at a time of significant macroeconomic turbulence. We are freeing up capital for continued investment in a proven strategy: becoming more digital, more international and more service-oriented in education, business information and consumer publishing."