Pearson acquires TQ Holdings
Pearson, the learning company, has announced the acquisition of TQ Holdings Ltd, a private company based in Derbyshire, England. TQ provides vocational and technical education and training services to governments, institutions and corporations around the world. Its major geographic markets are the UK and the Middle East, and it has particular expertise in skills related to the defence, engineering, oil and gas and construction sectors. A combination of Pearson's scale and assets with TQ's excellence in training delivery will support growth in this business both in the UK and internationally. TQ's contracts include the Saudi Petroleum Services Polytechnic in Saudi Arabia, the Welbeck Defence Sixth Form College in Leicestershire, and the Royal School of Military Engineering. As part of Pearson, TQ will continue its focus on excellence in training delivery for its clients both in the UK and overseas.
The acquisition supports Pearson's objective of building a strong professional and vocational education business, connecting specialist training for work-based skills with Pearson's content and technology platforms. TQ enables Pearson to extend its offering to new industry sectors and geographic markets. TQ had gross assets of £23m at the end of September 2010. Pearson expects the acquisition to enhance adjusted earnings per share from 2012, its first full year after acquisition, and to generate a return on invested capital above Pearson's weighted average cost of capital from 2013.