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Adtalem Global Education to Transfer Ownership of DeVry University
Thursday 07 December 2017

7 December 2017 - US-based education provider Adtalem Global Education (NYSE: ATGE) has signed an agreement to transfer ownership of DeVry University and its Keller Graduate School of Management to Cogswell Education LLC, the company said.

The agreement is subject to certain terms and conditions to be met during the transition process, including regulatory and accreditor approval, and the transaction is anticipated to be completed in 2018.

Cogswell Education will assume full ownership of DeVry University, and, while no consideration will be paid to Adtalem at closing, the agreement includes an earn-out for Adtalem, which is based on DeVry University's future performance over a multi-year period.

Adtalem has also committed to delivering DeVry with a minimum working capital balance, further supporting DeVry's future success.

Cogswell Education is the owner of Cogswell College, the second oldest operating college in California, and a regionally accredited institution offering bachelor's degrees as well as certificate programs.

Adtalem Global Education is a global education provider and the parent organisation of Adtalem Educacional do Brasil, American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Carrington College, Chamberlain University, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine.

Morgan Stanley and Co. LLC acted as the financial advisor and Jones Day as legal advisor to Adtalem in the transaction.
Date Published: 07/12/2017
Target: DeVry University and its Keller Graduate School of Management
Country: USA
Sector: Business and Consumer Services
Type: Corporate acquisition
Status: Agreed
Vendor: Adtalem Global Education
Buyer: Cogswell Education LLC
Terms of the deal were not disclosed