LONDON (dpa-AFX) - Pearson Plc (PSO, PSON.L) Friday announced an agreement with Barnes & Noble, Inc. (BKS), pursuant to which Pearson will invest $89.5 million in the Barnes & Noble subsidiary, NOOK Media.
The offer is based on a post-money valuation of approximately $1.789 billion in exchange for preferred membership interests representing 5 percent equity stake.
Upon close of transaction, Barnes & Noble will own approximately 78.2 percent of the NOOK Media subsidiary. Approximately 16.8 percent is held by software giant Microsoft Corp. (MSFT).
Pearson is also planning to earn the option to purchase up to an additional five percent ownership in NOOK Media.
Pearson's investment in NOOK Media will accelerate customer access to digital content by pairing its leading expertise in online learning with NOOK Media's expertise in online distribution and customer service.
Copyright RTT News/dpa-AFX
