Pearson sold its US K12 Courseware business to Nexus Capital Management for $250m.

Pearson, a British multinational publishing and education company , sold its US K12 Courseware business, which provides textbooks and instructional resources to help teachers and students at every stage of K12 learning in the United States, to Nexus Capital Management for $250m. Total proceeds comprise an initial cash payment of $25m and an unconditional vendor note for $225m expected to be repaid in three to seven years. John Fallon, Pearson's chief executive, said: "School publishing in America has been an important part of Pearson for many years, and what it does matters to teachers and students across the country. We're pleased to have found new owners who are committed to its future, and we wish it every success. The sale frees us up to focus on the digital first strategy that will drive our future growth. Through our assessment, virtual school, advanced placement and career and technical education programmes, we will still serve schools across America and we will now be better placed to focus on the areas in which we can best help their students to be successful in their studies and future careers."