The Princeton Review (REVU) to Acquire Penn Foster in $170M Cash Deal
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The Princeton Review, Inc. (Nasdaq: REVU) today announced that it has entered into a definitive agreement to acquire Penn Foster Education Group, Inc., one of the oldest and largest online career education companies in the United States. The purchase price is $170 million in cash, subject to post-closing adjustments.
Under the terms of the agreement, Penn Foster will become a wholly owned subsidiary of The Princeton Review. It is expected to operate as a standalone unit of the combined company, using its existing brands and under the leadership of the current management team, maintaining its headquarters in Scranton, Pennsylvania.
The Princeton Review has obtained financing commitments for the deal, comprised of approximately $155 million of debt financing and $30 million of equity financing led by Bain Capital Venture Partners and Falcon Investment Advisors, LLC, and expects to complete the transaction before the end of the year.
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