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The Princeton Review, Inc. (REVU) has entered into a definitive agreement to acquire Penn Foster Education Group, Inc., an online career education company in the United States. The purchase price is $170 million in cash, subject to post-closing adjustments. Penn Foster is a global leader in career-focused distance education with a heritage that extends 118 years. The company operates three accredited educational institutions--Penn Foster College, Penn Foster Career School, and Penn Foster High School--that collectively serve more than 223,000 students in over 150 countries. The transaction will combine two of the most-recognized educational brands in the United States to create an organization that can capitalize on a diverse range of opportunities in the secondary and post-secondary markets, and can be a scale player in online education. The acquisition will also enhance The Princeton Review's ability to grow through the addition of new test prep services and partnerships with educational institutions, professional and trade organizations and others. 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 and Penn Foster will cooperate closely on growth initiatives in customer care, marketing, technology and cross-utilization strategies. KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC. ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information. If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com Knobias.com, LLC 601-978-3399 601-978-3675 info@knobias.com www.knobias.com/cmtx For full details for REVU click here.
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