British publishing company Pearson has agreed to acquire Grupo Multi, the largest provider of private language schools in Brazil. Pearson will acquire the group for £440m in cash and the assumption of £65m of debt.
The acquisition will significantly expand the group's presence in emerging markets. Group Multi serves over 800,000 students across 2,600 franchised schools. The company primarily provides English language courses through a range of school brands such as Wizard, Yazigi and Microlins.
Chief executive, John Fallon, commented:
Brazilians' appetite for learning English as a global language of business and trade shows every sign of continuing to grow rapidly as Brazil becomes a global player in commerce, travel and a host of other industries.