Laureate Education and HOPE Education Group (Hong Kong) Company Limited Enter into Agreement for Sale of INTI Education Group
BALTIMORE, March 2, 2020 (GLOBE NEWSWIRE) — Laureate Education, Inc. (NASDAQ: LAUR) announced today that it has entered into an agreement with HOPE Education Group (Hong Kong) Company Limited for the sale of Laureate’s INTI Education Holdings Sdn. Bhd. and its subsidiaries (INTI Education Group), a group of higher education institutions in Malaysia.
Founded in 1986, INTI Education Group joined the Laureate International Universities network in 2008 and now serves more than 16,000 students enrolled in undergraduate and postgraduate degree programs in a variety of academic disciplines, including biotechnology and life sciences, business, communications, engineering, computing and information technology, law, and hospitality.
HOPE Education Group (Hong Kong) Company Limited is an established operator of higher education institutions, including universities and vocational colleges, and is looking forward to welcoming INTI Education Group into its network.
Commenting on the transaction, Eilif Serck-Hanssen, President and Chief Executive Officer of Laureate, said, “We’re proud of what INTI Education Group has achieved since joining the Laureate network in 2008. Together, we’ve provided students with a quality learning experience that helps make them highly employable in today’s global jobs market. Under the stewardship of HOPE Education Group (Hong Kong) Company Limited, I believe INTI will continue to deliver strong outcomes and high student satisfaction.”
The transaction value is US$140 million, which includes a US$14 million payment to a minority equity shareholder. INTI Education Group will remain part of the Laureate International Universities network until the closing of the transaction, which is subject to customary closing conditions, including approval by relevant Malaysian authorities.
Rothschild & Co acted as financial advisor to Laureate Education, Inc., and DLA Piper served as the Company’s transaction counsel.
This press release includes certain disclosures which contain “forward-looking statements” within the meaning of the U.S. federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they often contain words such as “subject to,” “expect” or similar expressions that concern the Company’s strategy, plans or intentions. Any statement that we make relating to the closing of the planned transaction described herein is a forward-looking statement. Forward-looking statements are based on the Company’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from the Company’s expectations are set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.