Baring Private Equity and Citic Capital reportedly are in advanced talks to acquire the English-language school business of Pearson for over $350 million, according to a report in The Financial Times.
A deal for the Wall Street English unit deal could be signed within weeks as negotiations with both the buyers are in the final stages.
The company had announced in February that it is looking for a strategic buyer for Wall Street English as part of a strategic review after the group recorded its biggest ever loss last year after a writedown of its US higher education and testing business. It had also appointed New York-based boutique investment bank Moelis & Co as an advisor.
Last month, news agency Reuters reported that North Asia private equity firm MBK Partners is preparing a bid to buy Wall Street English.
Pearson had bought the English-language school business from PE firm Carlyle for around $240 million around 7-8 years ago.
Pearson offloaded its stake in Penguin Random House early this year. Prior to that in 2015, it disposed of The Financial Times and its stake in the Economist magazine.
Last year, publishing & education platform Pearson Education Services Pvt Ltd was reportedly looking to sell Tutorvista, a Bangalore-based online education services provider, in part or full.