Pearson increases Nigerian interests
Article Date: Aug 08 2008A US-based international educational products specialist has taken a majority stake in an African publisher, increasing its exposure to a country that has 35 million students. Pearson, which has its European headquarters in Edinburgh, has bought a 22 per cent stake in Longman Nigeria for an undisclosed sum.
The deal takes Pearson’s shareholding in the company, which specialises in English, maths and science, to 51 per cent with completion subject to regulatory approval.
John Fallon, chief executive of Pearson International Education, says the board are pleased that they will be playing a larger role in Longman Nigeria’s growth.
Fallon adds, 'Education has a vital role to play in Nigeria’s continuing economic development. We will continue to invest in providing high-quality textbooks and look to broaden our role into areas such as assessment and testing, teacher training and support and the application of technology to learning.'
In 2007 Pearson had sales worth more than $3 billion (£1.5 billion) in North America and $1.9 billion (£985 million) overseas.
Longman Nigeria has 235 employees at 10 branches and warehouses in Africa’s largest country. Last year it had gross assets of £7.3 million.
