Telefonica Confirms Purchase of 5% Stake in Pearson

Following the announcement of plans to extend their strategic alliance, Telefonica, the Spanish telecommunications company, has today bought a 5% stake in Pearson plc from Financiere et Industrielle Gaz et Eaux S.A.

Marjorie Scardino, chief executive of Pearson plc, said: "We welcome Telefonica as a long term investor in Pearson and look forward to working with them to pursue multimedia opportunities in Spain and Latin America."

Juan Villalonga, chairman of Telefonica, added: "We are delighted to support our strategic alliance with Pearson by taking a significant stake in the company."

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