Wendel Group and Colibri Group consortium to purchase segment for $1 billion
Adtalem Global Education, a leading provider of professional talent to the healthcare industry, announced it has entered into a definitive agreement to sell its Financial Services segment, which includes ACAMS (Association of Certified Anti-Money Laundering Specialists), Becker Professional Education and OnCourse Learning, to a consortium of Wendel Group and Colibri Group in an all cash transaction for $1 billion. The transaction is expected to close in the third quarter of fiscal year 2022, subject to customary closing conditions.
“We are incredibly proud of the tremendous growth and operating performance we have generated in our financial services segment over the past two years, which has produced the opportunity to unlock significant shareholder value through this transaction,” said Steve Beard, president and CEO of Adtalem Global Education. “I’m confident each of the brands and companies in the financial services segment will continue to lead in their respective markets under the new ownership and leadership of Wendel and Colibri.
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“This transaction is the culmination of a long-term strategy to sharpen the focus of our portfolio and greatly enhance our ability to address – at scale – the rapidly growing and unmet demand for healthcare professionals in the U.S.,” Beard added.
Wendel Group, based in Paris, is one of Europe’s largest listed investment firms. It selects leading companies in making long-term investments. Colibri Group, a Gridiron Capital company based in St. Louis, helps millions of professionals manage and advance their careers through online learning solutions.
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The company will begin reporting the financial services segment as a held for sale and discontinued operation in its second quarter fiscal 2022 earnings report.
Morgan Stanley & Co. LLC served as Adtalem’s financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel in the sale of the financial services segment. Houlihan Lokey served as Colibri and Gridiron’s financial advisor and Finn Dixon & Herling LLP as its legal counsel. Macquarie Capital served as Wendel’s financial advisor and Kirkland & Ellis LLP as its legal advisor.
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