This post was originally published on this site
Investing.com – Laureate Education (NASDAQ:LAUR) rose 14% after announcing the sale of its Australian and New Zealand operations to Strategic Education (NASDAQ:STRA).
Strategic Education is down 20% after saying it will buy Torrens University Australia and Think Education in Australia and Media Design School in New Zealand for $642.7 million.
Laureate rose earlier this month after reports that it may be selling additional assets in Brazil to Ser Educacional.
Shares are down 30% since the start of the year.
The three operations have approximately 19,000 students enrolled in technical, undergraduate, and postgraduate programs. Torrens University was founded by Laureate in 2014. Think Education joined Laureate in 2013, seven years after it was established. Media Design School, founded in New Zealand 22 years ago, became part of the Laureate network in 2011.
Strategic Education owns Capella and Strayer Universities.
“We’re excited to be expanding our business into the Australian and New Zealand markets. We have been impressed by the growth and impact the three Laureate institutions have made,” said Strategic Education Chief Executive Officer Karl McDonnell.
