Pearson Raises TutorVista Stake To 76%
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Pearson, which had acquired about 17.2 per cent stake in TutorVista in June 2009, said it plans to take its holding to 80 per cent next month by buying out small promoters' stake in the Bangalore- based company.
"This is one of the largest deals in the Indian education space," Chairman Pearson India John Makinson said.
Pearson, which owns book publisher Penguin and the Financial Times, expects the acquisition to enhance Pearson's adjusted earnings per share in 2012, its first full year after the acquisition.
In mid 2009, Pearson established a joint venture with education company Educomp Solutions to develop vocational and professional services for the Indian market.
"TutorVista will be integrated into our education business in India and will enhance our presence in the school market in India and in tutoring across the globe in schools and higher education," the company said in a statement.
TutorVista is one of the leading online tutoring company and has over 2,000 teachers employed across India today. Manipal K12/Edurite, which is the Indian business of TutorVista runs and managers around 19 schools across the country, apart from providing technology based learning solutions to more than 2000 schools in India.