Career Ed Corp. to Purchase Le Cordon Bleu’s Culinary Arts Programs

Career Education Corporation said Wednesday that it would spend $135 million to buy the rights to offer culinary arts programs under the Le Cordon Bleu name in the United States and Canada — rights that it now licenses from Le Cordon Bleu International, a French company. Career Education, an Illinois provider of for-profit higher education, pays royalties of up to $20 million a year to operate culinary arts programs in 16 cities using the Le Cordon Bleu name. Under the deal, Career Education will pay Le Cordon Bleu $25 million in cash, 3 million shares of its stock, and 30 months of payments based on its culinary arts revenues. (Inside Higher Ed)

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