Pearson buys Wall Street Institute for $92m in cash

Pearson is to buy adult English training service Wall Street Institute from an affiliate of the The Carlyle Group and Citi Private Equity for $92m in cash. 

Wall Street Institute uses a proprietary learning model combining web-based content, class-based instruction and digital and printed learning materials and has roughly 340 franchised learning centres in 25 territories across Asia, Europe, the Middle East and Latin America. Last year it had a turnover of nearly $60m.

Its major markets currently include France, Italy, Turkey, Chile, Venezuela, Colombia, Hong Kong, Korea and Taiwan and directly operates a small number of learning centres, primarily in Germany, for testing new products.  

The business will be combined with China-based ELT school Wall Street English, with the two being headed up by David Kedwards, currently chief executive of Wall Street English in China. Pearson plans to retain the Wall Street Institute brand, maintaining the "high recognition and a strong reputation in its key markets".  

John Fallon, chief executive of Pearson's International Education business, said: "The growth of English is a powerful global trend. English language skills unlock opportunities for students of any age to progress in their education, their careers and their lives. Wall Street English has become a highly valued part of Pearson and we have learnt a great deal from its people and their approach to effective language learning.

"Just as Wall Street English provided a platform for Pearson’s expansion in English teaching in China, so Wall Street Institute provides that platform on an international basis. This is an exciting and important move for Pearson that will accelerate our goal of being the world’s pre-eminent provider of English language learning content, technology and services."