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Pearson in line for sale windfall
Publisher Pearson yesterday unveiled a $115m (£69.4m) windfall from the sale of its government solutions business in 2006. Pearson, owner of the Financial Times and book brand Penguin, sold the US-based government solutions arm to private equity group Veritas five years ago for $600m but retained an equity stake under the name Vangent. Now that Veritas has sold the business on to General Dynamics Corp, Pearson stands to gain $115m before tax once the deal closes. IT outsourcing group General Dynamics has agreed a cash deal worth $960m for the assets.