British media and education group Pearson said on Friday it had sold its M&A-focused Mergermarket news service for 382 million pounds ($624 million) to funds advised by private equity group BC Partners.
The British group, which put the news service on the block in July, said Mergermarket had reported revenues of 100 million pounds and operating income of 25 million pounds in 2012.
Pearson, which has expanded into education in recent years, said it would use the proceeds from the sale to invest in its global education business.
“Mergermarket is a world class financial information business, with a highly professional and talented team, and we wish them every future success,” Pearson’s Chief Executive John Fallon said. “The company has flourished under Pearson’s ownership but it is not part of Pearson’s strategy in global education.”