British publishing company Pearson on Wednesday said it had agreed to sell its 50% stake in The Economist Group, owner of The Economist magazine.
The sale is valued at around £469 million ($730 million, 663 million euros), split between The Economist Group itself and Italian investment firm Exor, which is controlled by the Agnelli family, which is a major shareholder in Fiat Chrysler Automobiles.
Exor is meanwhile raising its stake to 43.4% from 4.7%, it said in a separate statement.
“Exor has agreed to purchase 27.8% of The Economist Group’s ordinary shares for consideration of £227.5 million and all of the B special shares for consideration of £59.5 million from Pearson,” the British publisher said. “Pearson’s remaining ordinary shares will be repurchased by The Economist Group for £182 million.”
Pearson wants to focus solely on its publishing business.
It last month announced plans to sell The Economist Group, which includes also Economist.com and the Economist Intelligence Unit, as it revealed also a deal to sell the Financial Times to Japanese digital media group Nikkei.