UK Media Group Expands in Brazilian English

British media group Pearson has agreed to buy Brazilian educator Grupo Multi, it says, for GBP505m ($826m). The transaction includes GBP65m in assumed debt, and gives the buyer what it describes as the largest provider of adult English language training in Brazil. Pearson buys control from the Martins family and its Kinea vehicle. Grupo Multi serves more than 800,000 students in Brazil, operating brands including Wizard, Yazigi, Microlins and Skill. It booked GBP42m in operating profit in 2012 and has assets of GBP200m. The transaction is subject to a regulatory review that Pearson expects to be completed in 1H of 2014. Morgan Stanley advised Pearson.