Education Management Sold for $3.4 Billion
Posted on: Monday, 6 March 2006, 09:00 CST
Two private groups are buying Pittsburgh-based Education Management Corp. for $3.4 billion.
Providence Equity Partners and Goldman Sachs Capital Partners signed a definitive agreement to pay cash for the provider of private post-secondary education, EMC said Monday.
The buyers will pay for the deal with a combination of equity contributed by the private equity sponsors and debt financing provided by Credit Suisse, Goldman Sachs, Merrill Lynch and Bank of America.
EMC has 72 primary campus locations in 24 states and two Canadian provinces.
Source: United Press International
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