By Lisa Kerner
Charlotte, N.C., May 14 - Pearson plc agreed to acquire eCollege for $22.45 per share in a deal valued at $477 million. The agreement includes the sale of eCollege's Datamark division to investors led by eCollege chairman and chief executive officer Oakleigh Thorne for $41 million.
The transaction, approved by eCollege's board of directors, is expected to close in the third quarter of 2007.
Matthew Schnittman, president of eCollege's eLearning division, will join Pearson and continue to lead the Denver-based division.
"eCollege will make Pearson an even stronger education company," Pearson chief executive officer Marjorie Scardino said in a company news release.
"The acquisition meets our financial goals and supports our strategy of combining content, technology and services to advance learning."
eCollege is post-secondary distance learning company located in Chicago.
Person is a London-based publisher of educational materials.
| Acquirer: | Pearson plc
|
| Target: | eCollege
|
| Transaction value: | $477 million
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| Price per share: | $22.45
|
| Announcement date: | May 14
|
| Expected closing: | Third quarter of 2007
|
| Stock price for target: | Nasdaq: ECLG: $20.97 on May 11
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