Novus Holdings Limited (JSE:NVS) agreed to acquire a 75% stake in Pearson Holdings Southern Africa (Pty) Ltd from Pearson plc (LSE:PSON) for £53 million on August 12, 2022. The Purchase Consideration will be funded from Novus existing cash resources and debt facilities. In this regard, a credit approved facility has been obtained.

Pearson Holdings Southern Africa had gross assets of £15 million and net assets of £5 million as at 30 June 2022. The transaction is subject to customary closing conditions, including regulatory and Novus Holdings shareholder approval and anti trust approval. The proceeds of this transaction are anticipated in the decision to commence Pearson's £350 million share buyback programme.

As of November 17, 2022, the transaction has been approved by competition authorities. The effective date of the acquisition will be November 30, 2022. BNP Paribas SA (ENXTPA:BNP) acted as financial advisor to Pearson plc.

Nodus capital acted as Financial advisor to Novus Holdings Limited. Rudolph du Plessis, Gavin Davies, Jean Meijer, Veronica Roberts, Aaron White, Isaac Zailer, Jonathan Turnbull, Sandhya Foster, Laura Ackroyd, Terence Lau, Lauren Paxton, Stuart Kerr, Cassie Ayre and Amy Barton of Herbert Smith Freehills LLP acted as legal advisors to Pearson plc and Pearson Holdings Southern Africa (Pty) Ltd. Ensafrica acted as legal advisor to Novus Holdings Limited.