British publisher Pearson has confirmed it has agreed a deal to sell the Financial Times Group to Nikkei ending days of speculation.
The price is 844 million pounds sterling around 1.2 billion euros payable in cash, Pearson said in a statement. The deal does not include the FT Group’s 50 percent stake in the Economist magazine.
“I am extremely proud of teaming up with the Financial Times, one of the most prestigous news organizations in the world,” said Tsueno Kita, Chairman and Group CEO of Nikkei. The company describes itself as the largest independent business group in Asia.
Pearson had owned the FT for almost 60 years.