Career Education to Sell European Education Properties to Apax Partners for $305M

Career Education Corporation

today 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,