STAMFORD Conn.
As part of its plans to spin off its testing services business, Thomson Corp. announced Monday it had signed an agreement to sell Thomson Prometric to ETS for $435 million.
ETS, a Princeton, N.J.-based educational measurement and research organization which, among other things, administers the SAT college entrance exam, is to pay $310 million in cash and $125 million through a promissory note due in 2014.
Thomson Prometric has been involved worldwide in technology-enabled assessment services including paper-and-pencil, Internet and computer-based testing.
Thomson Prometric is involved in assessments through a global network of testing centers in 132 countries as well as through the Internet.
ETS said it is Prometric’s largest customer for technology-based delivery of tests and assessments. Prometric provides ETS with TOEFL, Test of English as a Foreign Language, the GRE, Graduate Record Examinations, tests and the Praxis teacher licensing assessments.
Thomson said the sale is part of its previously announced strategy to spin off the assets of its testing business through three independent sales.
The sale is expected to close in the third quarter of this year and is subject to regulatory approvals.
Thomson shares closed Friday at $41.03.
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