Career Education Reaches Agreement To Sell European Education Properties
Career College Central summary:
Career Education Corporation, a global provider of postsecondary education programs and services, announced it has reached a definitive agreement to sell and transfer control of its European education properties to private equity firm Apax Partners. Total consideration is expected to be $305 million, less certain distributions and adjustments prior to closing, including the distribution to the company of approximately $18 million from certain subsidiaries within the International segment. Career Education anticipates receiving a cash payment of $276.5 million at closing.
Career Education’s entire International schools segment, comprised of the Paris-based INSEEC Group and the International University of Monaco, which provide career-oriented education programs in various disciplines, including business studies, health education, advertising, communications and technology, is included in this transaction.
The European operations of Career Education reported revenue of $128.6 million in 2012, representing approximately 9 percent of the company’s consolidated revenue.
Career Education expects the transaction will close before the end of the year, pending customary provisions, including review by French anti-trust authorities.
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