Thread regarding Walden University layoffs

Synergies?

Let me provide a brief update on our planned acquisition of Walden University. We remain enthusiastic about the complementary programs and online capabilities that brings to Adtalem. The acquisition of Walden University plays an important role in furthering our strategy, permitting us to achieve market-leading scale and reach and healthcare education, strengthening our core nursing offering expand into attractive high-demand adjacencies, including social and behavioral sciences and extend the customer life cycle from pre-licensure programs to graduate and advanced degrees, market an attractive mix of online, on-campus and hybrid learning modalities and engage our employee partners at further scale. As we announced during the quarter, we closed our $1.65 billion of financing related to the Walden acquisition, and we continue to expect the acquisition to close in the first quarter of fiscal 2022.

We are making good progress on integration planning, including our plans for realizing at least $60 million in cost synergies which we believe will result in enhanced service to our students, and we have increased confidence that these are achievable financial metrics. Through our integration planning, we have seen cultural compatibility between ourselves and Walden and forcing our belief that Walden is a fantastic fit for Adtalem Global Education. As it relates to the U.S. Department of Justice’s Inquiry into the alleged misrepresentation by Walden related to its Master of Science in Nursing Program, I want to reiterate that we take these matters extremely seriously. Walden informed us that it completed its own investigation and did not find any evidence supporting the allegations contained in the DOJ letter. Walden presented those filings to the DOJ on November 24, 2020. As for our own investigation, that work is ongoing, although nearly complete.

https://seekingalpha.com/article/4423522-adtalem-global-education-inc-atge-ceo-lisa-wardell-on-q3-2021-results-earnings-call

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