Career Education Corp. announced Tuesday the completion of its purchase of rights to the Le Cordon Bleu brand of cooking schools in the U.S. and Canada. The deal, completed Monday, was announced earlier this month. Career agreed to pay an estimated $135 million in cash, future payments based on sales, and 3 million shares of Career Education common stock. The company hopes to save $15 million to $20 million by ending its licensing agreement with Le Cordon Bleu. Career Education serves 90,000 students across the United States and Europe. About a third of the company’s students attend online-only programs.
Shares of Career Education slipped 48 cents to finish at $23.27 on Tuesday.