Novus Holdings Announces The Acquisition Of A 75% Equity Share In Pearson South Africa
Novus Holdings Announces The Acquisition Of A 75% Equity Share In Pearson South Africa. Novus Holdings has announced that together with its wholly owned subsidiary, Novus Print Proprietary Limited have entered into a sale and purchase agreement with Pearson Holdings Southern Africa Proprietary Limited. Novus will acquire 75% equity share of Pearson South Africa Proprietary Limited for R829,4 million.
The remaining 25% of Pearson SA’s share capital is held by black economic empowerment (“BEE”) partners, being Sphere RB Investments Proprietary Limited (22.5%) and Pearson Marang Education Trust (2.5%) which shareholding and BEE arrangements will remain in place following the acquisition.
Pearson SA provides education solutions from early childhood learning to beyond school. Pearson SA provides curriculum-based print materials that support the National Curriculum and Assessment Policy Statement (“CAPS”) and includes higher education curricula, e-learning content and tools, as well as teacher training and a vast selection of supplementary learning material. Pearson SA is home to Maskew Miller Longman and Heinemann, two of the best-known names in South African publishing and leaders in the provision of print materials and CAPS-approved textbooks. Pearson SA is an innovator in providing learning content and teacher training for use in schools, TVET colleges, higher education institutions, and home and professional environments.
The opportunity to acquire the majority of the Pearson SA business follows Pearson plc’s (the parent company of the Pearson SA) decision to divest the international courseware local publishing businesses. Pearson SA, being the owner of extensive education related intellectual property, serves all tiers of the education market in South Africa, with a primary focus on schools. The Pearson SA textbooks and courseware are active in many of the subject matter areas. The business is supported by a sophisticated and comprehensive sales and distribution network across South Africa which delivers high service levels. The business benefits from long term relationships with education departments and content owners/developers, to provide high quality learning materials to students.
The transfer of control from an international shareholder to Novus, with its established infrastructure, ensures that there will be no disruption in the delivery of important education materials to schools and learners. It also creates the opportunity for the focussed localisation of learning solutions, that will further assist to alleviate some of the unique challenges in South Africa’s education system.
