TMCnet News
Kaplan Closes Transaction with Purdue for the Assets of Kaplan UniversityKaplan, Inc. (Kaplan), a subsidiary of Graham Holdings Company, completed the contribution and transfer of the institutional assets and operations of Kaplan University (KU) to an Indiana non-profit, public-benefit corporation that is a subsidiary of Purdue University (News - Alert) (Purdue). This contribution is the culmination of a process started in April 2017 when Purdue and Kaplan signed a Contribution and Transfer Agreement. Simultaneously, the parties entered into a Transition and Operations Support Agreement (TOSA) pursuant to which Kaplan will provide key non-academic operations support to the new university under Purdue's control. As previously reported, under the TOSA Kaplan will provide non-academic support functions to the ne university for a period of 30 years in return for a fee. The new university will operate almost exclusively online as a new Indiana public university affiliated with Purdue under the name Purdue University Global. The transfer of KU does not include any of the assets of the KU School of Professional and Continuing Education, which provides professional training and exam preparation for professional certifications and licensures, nor does it include the transfer of other Kaplan businesses such as Kaplan Test Preparation and Kaplan International. Those entities, programs, and business lines will remain part of Kaplan. Kaplan Inc., serves over 1 million students globally and provides an array of educational services to colleges and universities, businesses and consumers. It established Kaplan University to serve adult students and help them prepare for careers in some of the fastest growing industries. Kaplan is a subsidiary of Graham Holdings Company (NYSE: GHC).
View source version on businesswire.com: https://www.businesswire.com/news/home/20180322006240/en/ |
