Courtesy of Benzinga.
Career Education Corporation (NASDAQ: CECO) announced today that it has sold Istituto Marangoni to an investor group led by affiliates of Providence Equity Partners, a Providence, Rhode Island based private equity firm with over $23 billion of capital commitments.
Terms of the deal were not disclosed. Istituto Marangoni is headquartered in Milan, Italy with additional locations in Paris, France, and London, England, providing education to students primarily in the areas of fashion and design.
As a result of the transaction, Career Education Corporation estimates that a gain of $17 – $20 million will be reflected within Discontinued Operations in the Company’s consolidated financial statements.
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