Pearson sells K12 US textbook unit

LONDON: British education company Pearson said yesterday it had agreed to sell its United States K12 courseware business to Nexus Capital Management LP for US$250 million (RM1 billion) as it shifts its focus from textbooks to digital. Nexus will pay an initial US$25 million and a further US$225 million by way of a vendor note due in the next three to five years for the business, which provides textbooks and resources for students from kindergarten to 12th grade.