August 10, 2007
Touro College to Sell Its Online Division
The nonprofit Touro College announced last week that it had signed a deal to sell its 7,500-student online division to a private-equity fund, in a transaction that signals investors' continuing confidence in distance education as a way to make money in higher education.
The buyer is Summit Partners, a $9-billion private-equity firm based in Boston and Palo Alto, Calif. The price was not disclosed. Touro plans to use the proceeds from the sale to bolster its endowment, which stood at
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