(London and Milan, May 2006) Pearson plc has acquired an 80% stake in Paravia Bruno Mondadori Editori (PBM), one of Italy's leading educational publishing companies. The van Tulleken Company, Mediobanca - Banca di Credito Finanziario S.p.A. and Gianluca Ponzellini were joint advisors to PBM in the transaction. Formed in 2000 from the merger of the Edizioni Bruno Mondadori and Paravia publishing houses, PBM is based in Milan and Turin. In 2005, PBM had net sales of €70m and gross assets of €68m at the year end. Kit van Tulleken, Chief Executive of The van Tulleken Company, said: "We were delighted to work with Mediobanca and Gianluca Ponzellini in the sale of PBM. With this transaction Pearson becomes one of the leading education publishers in the Italian market." PearsonPearson is the world's leading education company, with 2005 sales of more than $3bn in the U.S. and $1.4bn in other parts of the world. This acquisition supports Pearson's strategy of expanding its international education business through a combination of organic growth and selected investments in local publishers. Pearson expects the acquisition to enhance adjusted earnings per share and return on invested capital from 2007, its first full year, and to be earnings neutral in 2006, including integration costs. The acquisition is subject to regulatory approval and is expected to be completed in the second quarter of 2006. John Fallon, chief executive of Pearson Education, Europe, the Middle East and Africa, said: "PBM is a strong, well-managed company with a great publishing pedigree and full of assets and people who will add a lot of value to Pearson. This acquisition gives Pearson a leading position in one of Europe's largest school publishing markets and strengthens our existing education businesses in Italy. The combination of PBM's experience and expertise in Italy with our own international scale and capabilities will create new opportunities to meet the needs of teachers and students." Roberto Gulli, managing director of PBM added: "Pearson is the world's leading education company, with a great publishing tradition, imprints of indisputable quality and values that fit very well with our own. In our negotiations, we have developed a shared business plan that will support PBM's future expansion in Italy and offers us new opportunities to grow internationally. I am delighted that we are able to offer our people such an exciting future."
(London and Milan, May 2006) Pearson plc has acquired an 80% stake in Paravia Bruno Mondadori Editori (PBM), one of Italy's leading educational publishing companies. The van Tulleken Company, Mediobanca - Banca di Credito Finanziario S.p.A. and Gianluca Ponzellini were joint advisors to PBM in the transaction.
Formed in 2000 from the merger of the Edizioni Bruno Mondadori and Paravia publishing houses, PBM is based in Milan and Turin. In 2005, PBM had net sales of €70m and gross assets of €68m at the year end.
Kit van Tulleken, Chief Executive of The van Tulleken Company, said: "We were delighted to work with Mediobanca and Gianluca Ponzellini in the sale of PBM. With this transaction Pearson becomes one of the leading education publishers in the Italian market."
PearsonPearson is the world's leading education company, with 2005 sales of more than $3bn in the U.S. and $1.4bn in other parts of the world. This acquisition supports Pearson's strategy of expanding its international education business through a combination of organic growth and selected investments in local publishers. Pearson expects the acquisition to enhance adjusted earnings per share and return on invested capital from 2007, its first full year, and to be earnings neutral in 2006, including integration costs. The acquisition is subject to regulatory approval and is expected to be completed in the second quarter of 2006.
John Fallon, chief executive of Pearson Education, Europe, the Middle East and Africa, said: "PBM is a strong, well-managed company with a great publishing pedigree and full of assets and people who will add a lot of value to Pearson. This acquisition gives Pearson a leading position in one of Europe's largest school publishing markets and strengthens our existing education businesses in Italy. The combination of PBM's experience and expertise in Italy with our own international scale and capabilities will create new opportunities to meet the needs of teachers and students."
Roberto Gulli, managing director of PBM added: "Pearson is the world's leading education company, with a great publishing tradition, imprints of indisputable quality and values that fit very well with our own. In our negotiations, we have developed a shared business plan that will support PBM's future expansion in Italy and offers us new opportunities to grow internationally. I am delighted that we are able to offer our people such an exciting future."
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