Career Education to Sell European Education Properties to Apax Partners for $305M
Career Education Corporation (NASDAQ: CECO) 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,