British media group Pearson Plc agreed to sell its 61 percent stake in financial data provider Interactive Data (IDC) for $2 billion in cash, which it will use to accelerate its expansion.
The sale is part of a deal under which the whole of IDC will be acquired by investment funds managed by Silver Lake and WarburgPincus in a transaction with a total value of $3.4 billion, Pearson said on Tuesday.
IDC shareholders will receive $33.86 per share, a premium of about 33 percent over the closing share price on Jan. 14, the last trading day before IDC announced that its board was reviewing strategic alternatives.
IDC shares closed at $32.99 on Monday.
“Pearson and Interactive Data have extensive growth opportunities and ambitious expansion plans,” Pearson Chief Executive Marjorie Scardino said in the statement.
“We believe this transaction will give both companies greater focus and opportunity to invest more in their strong market positions,” she added.
Pearson shares rose 0.5 percent by 0742 GMT, in line with the European media sector.