Laureate Education Announces Closing of Sale of its Australian and New Zealand Operations to Strategic Education, Inc.

Rhea-AI Summary

Laureate Education, Inc. (NASDAQ: LAUR) has successfully closed the sale of its Australian and New Zealand operations, including Torrens University Australia and Think Education, to Strategic Education, Inc. (NASDAQ: STRA) for US$642.7 million. After adjustments, Laureate received approximately US$650 million post-transaction fees. CEO Eilif Serck-Hanssen expressed good wishes for the buyer and the institutions involved, highlighting the continued delivery of quality education. This strategic move directs Laureate's focus on enhancing its educational impact.

Positive

• Sale of Australian and New Zealand operations for US$642.7 million enhances liquidity, providing approximately US$650 million after adjustments.
• Streamlines operations, allowing Laureate to focus on core educational commitments.

Negative

• None.

BALTIMORE, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR) today announced that it has closed the previously announced sale of its Australian and New Zealand operations (Torrens University Australia and Think Education in Australia and Media Design School in New Zealand) to Strategic Education, Inc. (NASDAQ: STRA).

Strategic Education, Inc. is an established operator of campus-based and online higher education institutions in the United States, including Capella and Strayer Universities.

The purchase price for the transaction was US$642.7 million, and, pursuant to adjustments provided for in the purchase agreement based on aggregate working capital and indebtedness, at closing, Laureate received approximately US$650 million after fees and expenses.

President and Chief Executive Officer of Laureate, Eilif Serck-Hanssen, said: “We wish Strategic Education and the three institutions well, as they continue to deliver quality student learning experiences with high employability and student satisfaction outcomes.”

About Laureate Education, Inc.

At Laureate Education, Inc., we understand the transformative power of education. For more than 20 years, we have remained committed to making a positive impact in the communities we serve, by providing accessible, high-quality undergraduate, graduate and specialized degree programs. We know that when our students succeed, countries prosper and societies benefit. Our longstanding commitment to operating with purpose is evidenced by our status as one of the world’s largest Certified B Corporations® and being the first Public Benefit Corporation publicly listed on any stock exchange in the world.

Investor Relations Contact:
ir@laureate.net

Media Contact:
Adam Smith
Laureate Education, Inc.
adam.smith@laureate.net
U.S.: +1 (443) 255 0724

FAQ

What did Laureate Education announce on November 5, 2020?

Laureate Education announced the sale of its Australian and New Zealand operations to Strategic Education, Inc. for US$642.7 million.

How much did Laureate Education receive from the sale after adjustments?

Laureate Education received approximately US$650 million after transaction fees and adjustments.

Which institutions were included in the sale by Laureate Education?

The sale included Torrens University Australia and Think Education in Australia, along with Media Design School in New Zealand.

What is the stock symbol for Laureate Education?

The stock symbol for Laureate Education is LAUR.