Aurelius buys AKAD University.
M2 EQUITYBITES-April 17, 2014-Aurelius buys AKAD University
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17 April 2014 - German investor Aurelius AG (ETR:AR4) said today it had taken over local private distance learning provider AKAD University for an unspecified amount.
Under the terms of the deal, Aurelius bought AKAD Bildungsgesellschaft mbH and AKAD Kolleg fuer Erwachsenenbildung GmbH from publishing group Franz Cornelsen Bildungsgruppe mbH, it said.
AKAD University, which has around 9,000 students, is considered to be the second largest player in the market for private distance learning universities. Its most recent annual revenues came in at EUR16.5m (USD22.9m).
The transaction is Aurelius's second purchase from Franz Cornelsen, after that of tutoring services provider Studienkreis GmbH about a year ago. It is in line with the company's commitment in the area of private education, Aurelius said.
On the other hand, the sale fits in with Franz Cornelsen's strategy to focus on its core K-12 business and other publishing-related areas, Alexander Bob, chair of the vendor's management board, said.
Aurelius executive board member Donatus Albrecht noted that his company planned to further develop the university's programmes and add future-oriented courses of study.
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