Pearson is preparing to rejoin the battle for Santillana, the $1.4 billion (£838m) Latin American textbook publisher.

Prisa, the Spanish media company that also owns the El Pais newspaper, is under pressure to make disposals to reduce debt and has agreed to sell 25% of Santillana to DLJ South American Partners, a private-equity firm, for $362m. That deal needs to be finalised by November 23, when a period of exclusivity is due to expire.

It could be rolled over but sources say currency swings have made the deal less attractive to DLJ, while Prisa’s lenders are angling for it to sell a bigger slice.

Pearson, publisher of the Financial Times and owner of the Penguin and Longman publishing businesses, is keen to expand its international education operation and has retained Lazard, the investment bank, to advise it.

It has made no secret of its ambition to expand into non-English speaking markets but is thought to be interested only if Prisa can be persuaded to offer it a path to eventual control of the asset.

Prisa is struggling under £4.5 billion of debt left over from its buying spree in the boom years. It was forced to consider selling other assets after an attempt to dispose of its pay-TV arm Digital+ to Telefónica and Vivendi collapsed.

International education was Pearson’s fastest-growing division in the first half of the year, with sales rising 10% to £446m. The company declined to comment.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive