Shareholders of the Education Management Corporation today approved the sale of the company to a pair of private-equity firms, Providence Equity Partners and Goldman Sachs Capital Partners. The $3.4-billion deal, which was announced in March (The Chronicle, March 7), is expected to become final on or about June 1, according to a statement issued by the company. Based in Pittsburgh, Education Management owns Argosy University, the Art Institutes, and a number of other colleges specializing in health care, culinary arts, and design. It enrolls about 72,000 students on 72 main campuses in 24 states and two Canadian provinces.
May 25, 2006
Stockholders Endorse Sale of Education Management Corp.
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