BALTIMORE, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ:LAUR), the world’s largest global network of higher education institutions, and China YuHua Education Corporation Limited (HK:6169), have signed an agreement for the sale of Laureate’s interest in Hunan International Economics University (HIEU), for a total transaction value of RMB1,430 million (US dollar equivalent of $218.5 million at current exchange rates).
Founded in 1997, HIEU is a comprehensive university serving nearly 30,000 students, and is the largest private university in Hunan province, China.
Commenting on the transaction, Eilif Serck-Hanssen, President, and incoming Chief Executive Officer of Laureate, effective January 1, 2018, said, “It has been our privilege to improve academic quality and enhance employment outcomes at HIEU, which serves a community of predominantly first-generation students from rural areas. I believe HIEU is well-positioned to continue delivering strong outcomes and high student satisfaction as part of China YuHua Education Corporation Limited.”
Founded in 2001 with its headquarters in Zhengzhou, China, YuHua Education Corporation Limited provides private education services in the People’s Republic of China, operating private schools under the YuHua brand and the Zhengzhou Technology and Business University.
Commenting on the transaction, Li Hua, Chief Executive Officer of China YuHua Education Corporation Limited, said, “HIEU is one of the largest universities among PRC private undergraduate universities in terms of student enrollment and has an excellent track record. China YuHua Education Corporation Limited has extensive management and operational experience in the PRC private education industry. We strongly believe that HIEU will continue to thrive under the leadership and management of YuHua.”
The transaction value amounts to RMB1,430 million (US dollar equivalent of $218.5 million at current exchange rates), subject to customary adjustments post-closing, which is expected to occur by December 29, 2017. The two parties look forward to a smooth transition and timely completion of the process.
Macquarie Capital acted as exclusive financial advisor to Laureate Education, Inc., while Morgan Lewis, Kirkland & Ellis, and Hui Zhong law firm acted as legal advisors. Skadden, Arps, Slate, Meagher & Flom and Tian Yuan law firm acted as legal advisors to China YuHua Education Corporation Limited.
About Laureate Education, Inc.
Laureate Education, Inc. is the largest global network of degree-granting higher education institutions, with more than one million students enrolled across nearly 70 institutions in 25 countries at campuses and online. Laureate offers high-quality undergraduate, graduate, and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper, and societies benefit.
About China YuHua Education Corporation Limited:
China YuHua Education Corporation Limited (“YuHua”) has over 15 years of operating private schools in Henan province of China and is one of the leading private school operators in central China in terms of student enrollment. YuHua provides both university and K-12 education with all of its 26 schools located in Henan province designed to serve different target groups and achieve distinct learning outcomes. YuHua’s mission is to foster modern talent with leadership and lifelong learning capabilities and nurture great minds to contribute to the future development of the Chinese nation.
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Laureate Education, Inc.