【英语财经】培生洽谈出售《经济学人》股权 Pearson in talks to sell Economist stake

Pearson is in negotiations to sell its 50 per cent stake in the Economist Group, publisher of the Economist magazine, to other shareholders in the group including the investment vehicle of Italy’s Agnelli family.

The talks, which come in the same week as Pearson’s ￡844m sale of the FT Group to the Nikkei Group of Japan, could in effect complete the British company’s transformation from a diversified family conglomerate to a business focused solely on education. Its only large non-education interest would be a 47 per cent stake in Penguin Random House, the book publisher.

Exor, which is run by John Elkann, scion of the Agnelli family, said its role in the talks may lead to the “possibility of increasing its investment in the group”. It is expected to secure a deal to increase its stake as early as next month, according to people familiar with the situation.It added: “Were it to proceed, Exor’s increased investment would in any event represent a minority shareholding in the the Economist?.?.?.?also reflecting Exor’s strong commitment to the editorial independence that lies at the heart of the Economist’s ethos and success.” Mr Elkann is on the Economist Group’s board and the group already owns 5 per cent.

Pearson’s stake would be worth about ￡400m, two people close to the situation said. That would give the Economist Group a similar valuation to the FT Group, even though its operating profits are more than double.

The Economist Group — which includes information providers the Economist Intelligence Unit and CQ Roll Call — had operating profits of ￡60m last year, compared with the FT Group’s ￡24m.

Other potential buyers include the three families that have long controlled most of the 50 per cent of the Economist that Pearson did not own: the Schroders, the Cadburys and the Rothschilds, one person close to the situation said. Lynn Forester de Rothschild and her husband Sir Evelyn de Rothschild control about 22 per cent of the Economist Group.

A deal is not imminent but is expected to be agreed over the summer, the person added.

Selling the FT Group and the Economist Group stake would leave Pearson with nearly ￡1bn in net proceeds — strengthening its balance sheet at a time when its credit rating has a negative outlook from Moody’s, due to uncertainty in the education sector.

培生(Pearson)正就将其在《经济学人》(Economist)杂志发行商经济学人集团(Economist Group)的50%股权出售给该集团内部其他股东进行谈判，包括意大利阿涅利(Agnelli)家族旗下的投资机构Exor。

这些谈判与培生以8.44亿英镑将英国《金融时报》集团出售给日本日经集团(Nikkei Group)的交易发生在同一周，这些谈判可能会彻底让培生从一家多样化的综合企业转型为一家只关注教育的企业。培生在非教育领域的唯一一笔大型资产将是其在图书出版商企鹅兰登书屋(Penguin-Random House)的47%股权。

Exor由阿涅利家族成员约翰?艾尔肯(John Elkann)管理，Exor表示，此次谈判有可能会带来“增持其在该集团股权的可能性”。据知情人士称，预计Exor最早将于下月就增持其股权达成协议。该公司补充称：“如果按计划进行，Exor增持后的股权将代表《经济学人》少数股权……还会反映出Exor坚定致力于位于《经济学人》风格和成功核心的编辑独立。”艾尔肯是经济学人集团董事会成员，Exor已拥有该集团5%股权。据熟悉Exor的一位人士表示，Exor不会寻求买入培生出售的全部股权。

据两名知情人士称，培生在经济学人集团的股权价值约4亿英镑。这将令经济学人集团的估值与英国《金融时报》集团类似，不过经济学人集团的营运利润是后者的两倍多。

经济学人集团包括信息供应商经济学人智库(Economist Intelligence Unit)和CQ Roll Call，该集团去年的营运利润为6000万英镑，而英国《金融时报》集团为2400万英镑。

一位知情人士表示，其他潜在买家包括长期控制《经济学人》集团另外一半股权（培生以外）中的多数股权的3个家族：施罗德(Schroders)家族、吉百利家族(Cadburys)和罗斯柴尔德家族(Rothschilds)家族。林恩?福雷斯特?德?罗斯柴尔德(Lynn Forester de Rothschild)和她的丈夫依夫林?德?罗斯柴尔德爵士（Sir Evelyn de Rothschild)拥有《经济学人》集团约22%的股权。

培生补充称，这笔交易近期不会达成，预计将在夏季之后完成。

出售英国《金融时报》集团以及在经济学人集团的股权将令培生获得近10亿英镑的净收益，这将巩固其资产负债表，此际，因教育行业的不确定性，穆迪(Moody’s)对培生的信用评级为前景负面。

译者/梁艳裳