(Reuters) - For-profit school chain Adtalem Global Education Inc ATGE.N said on Friday it plans to buy Walden University from Laureate Education Inc LAUR.O for $1.48 billion in cash to expand its reach into healthcare education.
The deal adds to Adtalem’s existing portfolio of medical schools, such as American University of the Caribbean School of Medicine and Ross University School of Medicine.
The combined company will have 26 campuses across 15 states and four countries, Adtalem said.
Morgan Stanley & Co LLC acted as Adtalem’s financial adviser on the deal, while Goldman Sachs & Co LLC was Laureate’s financial adviser.
Laureate’s shares were up 11.5%, while Adtalem’s stock was flat in morning trading.
Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta
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