LONDON: Pearson Group, the British media company which owns daily business broadsheet title the Financial Times, has increased its stake in South African educational publisher MML from 50% to 85% after forging an agreement with its partner.
Pearson has paid South African media group Caxton, with which it currently runs MML, some £45.5m ($72.3m; €57.4m) for the extra 35% share.
MML will now be merged with two of Pearson's educational units, Heinemann and Edexcel ( which operate in South Africa and Botswana) to form a new entity, Pearson Southern Africa.
Educational publishing has become an increasingly important part of Pearson's international operations, and the company has subsidiaries operating in other nations including Nigeria and China.
Data sourced from Financial Times; additional content by WARC staff