Global media and publishing firm Pearson on Tuesday said it had picked an additional 59 per cent stake in Bangalore-based online tutorial services provider TutorVista for Rs.577 crore. It is also looking at India as a focus market after Brazil and China.
“Pearson has been an investor in TutorVista for two years and thought of picking up more stake in the portal as our interest in the India's education sector grew. The deal helps us consolidate our position here,” Pearson India Chairman John Makinson told journalists here.
Pearson will now own 76 per cent in TutorVista. The total equity value of the portal is now pegged at around Rs.960 crore.
“We have bought out stake from all the existing strategic investors in the portal…Pearson also plans to buy small promoters' stake in the portal to take its holding to 80 per cent by next month,” Mr. Makinson said
