19 October 2012
The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it has advised AEC Education Plc (“AEC Plc”) on the sale of its Singapore subsidiary, Education Resources Pte Ltd (“ERPL”) to Pearson Education South Asia Pte. Ltd. (“Pearson”).
The total consideration for the sale will be the aggregate of £2.5 million in cash paid at completion and a deferred payment of an amount equal to the net consideration received by Pearson Education Limited (a wholly owned subsidiary of Pearson Plc) for the sale of 3,000,000 shares it holds in AEC Plc.
AEC Plc, an AIM listed company and AEC College Pte. Ltd., a Singapore limited liability company were joint shareholders of Education Resources Pte Ltd, a company which provides London Chamber of Commerce & Industry examinations in Asia.
The Hong Kong office of Freshfields Bruckhaus Deringer advised Pearson.
The WFW Singapore team consisted of partner Nicholas Hanna and associates Neil Calder and Daniel Saunders.
Nicholas Hanna comments: “We’re delighted to have had the opportunity to work with AEC Plc and are pleased to have been able to assist them with their share sale.”