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Perdoceo Education Corporation Signs Definitive Agreement to Acquire University of St. Augustine for Health Sciences
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (“Perdoceo” or the “Company”) (NASDAQ: PRDO), a provider of postsecondary education, today
About this update from Perdoceo Education Corporation
[{"type":"text","content":" SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (“Perdoceo” or the “Company”) (NASDAQ: PRDO), a provider of postsecondary education, today reported that it has signed a definitive agreement to acquire 100% ownership of the University of St. Augustine for Health Sciences, LLC (USAHS). The material terms of the transaction have been described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission today. Completion of the acquisition is subject to customary closing conditions and satisfactory regulatory approvals from the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges (WASC), as well as other key regulatory bodies, and receipt of a preacquisition review response from the US Department of Education. The Company expects to complete the acquisition in December 2024.\n\n\nUSAHS is one of the nation’s leading universities offering graduate health sciences degrees, primarily in physical therapy, occupational therapy, speech language therapy, nursing, as well as continuing education programs. Founded in 1979, USAHS educates students through its network of campuses in San Marcos, California; St. Augustine and Miami, Florida; and Austin and Dallas, Texas; and through its online programs. USAHS is accredited by the WASC.\n\n\nOnce completed, the Company expects that the acquisition will support further growth and diversification of its academic program offerings and will mark Perdoceo’s foray into health science degrees in a meaningful way. With the current advances in technology, including AI, the number of careers requiring a health science degree has been growing and is expected to grow for the foreseeable future. According to the U.S. Bureau of Labor Statistics, jobs in the health sciences are expected to increase 13% by 2031, more than twice the average job growth rate across all employment sectors.\n\n\nThe ownership transition is not expected to impact the current academic programs of USAHS, and USAHS will remain fully committed to serving and educating students and providing the same high quality educational experience.\n\n\nCommenting on the transaction, Todd Nelson, President and Chief Executive Officer of Perdoceo, said, “I have been impressed with the USAHS team for their hard work and dedication to serving ...