Pearson is in talks with two Asian funds for its English language unit

 
Courtney Goldsmith
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Pearson is looking to sell its English language unit (Source: Getty)

Two Asian funds are poised to swoop on education firm Pearson's English language unit, according to reports.

Baring Private Equity Asia and Citic Capital Holdings have entered exclusive talks for Pearson's language training centres, known as Wall Street English, after making a joint bid, sources told Reuters.

The sale is expected to be announced in mid-November and value the business at between $350m (£265m) and $400m, beating a rival bid from private equity firm MBK Partners.

Read more: Pearson finally has some good news, and shares are rising

The troubled publisher has issued a number of profit warnings as it works to restructure its business, shifting its focus to digital learning.

Reuters reported that Pearson wanted to wrap up this deal to focus on its next one.

Earlier this year, Pearson announced a strategic review of its US textbook business, K12 courseware. A sale is expected to raise a few hundred million dollars.

Pearson declined to comment while Baring and Citic did not immediately respond to a request for comment.

Pearson bought Wall Street English China in 2010 and the rest of the 400-language training centres in 2011.

Read more: Pearson shares rise as it flogs a 22 per cent stake in Penguin

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