Pearson to pay £99m for Melorio

MEDIA group Pearson has agreed to pay £99.3m for vocational training provider Melorio.

The publisher which also owns the Financial Times and Penguin books, said it had agreed with Melorio's board to offer 225p a share in cash for the company.

Pearson said the move was made in response to the growing global demand for vocational training.

It added in a statement: “Pearson believes that the acquisition would support its vocational education strategy by combining Melorio's training delivery skills with Pearson's complementary strengths in educational publishing, technology and assessments.”

Melorio was advised by Cenkos on the deal while Pearson used Lazard.

The firm also said its full-year revenue had risen 86 per cent on last year to £58.4m while basic earnings per share grew 29 per cent to 20p.

The group predicted that core profit in the coming year would be £25.1m, up from £16.5m in the year just ended and £10m the year before that.