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Education technology company 2U Inc (NASDAQ:TWOU) announced the acquisition Monday of Trilogy Education in a $750-million cash-and-stock deal.
What Happened
Trilogy is a provider of face-to-face and online skills training in coding, data analytics, UX/UI and cybersecurity in partnership with universities and corporations.
2U helps power graduate-level degree programs, professional certificates and short courses online. Monday's acquisition is expected to accelerate 2U's path to $1 billion by one year from 2022 to 2021, co-founder and CEO Christopher "Chip" Paucek said in a statement.
The purchase is structured with $400 million in cash and $350 million in newly issued 2U shares, according to the ed tech company. 2U said it secured committed debt financing for a $250-million senior secured term loan facility from Owl Rock Capital.
Why It’s Important
Trilogy-powered boot camps "are a natural complement to 2U's existing portfolio of offerings; and 2U's unparalleled track record of scaling high-quality digital education offerings will help drive Trilogy's continued growth and online expansion," according to the announcement.
The deal grows 2U's university portfolio from 36 to 68 partners and adds tech skills-focused boot camps to 2U's existing portfolio.
What’s Next
The acquisition is subject to approval by the 2U and Trilogy boards, regulatory approval and other customary closing conditions. The deal is expected to close in the next 60 days, 2U said.
Shares of 2U were falling 5.72 percent to $66.06 at the time of publication Monday.
Related Links:
Meeting With 2U CEO Gives Oppenheimer Confidence In Company's Long-Term Growth
Oppenheimer Expects 2U To Post Share Gains, Strong Revenue In 2019
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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