"Synergies"=layoffs?
"As we have become more familiar with the Rasmussen team, its leaders and the business, we are extremely pleased that the institution we are acquiring is not only as originally understood, but even better in many respects. We continue to explore synergy opportunities from the transaction. Our initial expectation of $5 million of synergies in the first 12 months following close now appears to be modest and we expect we should exceed that amount."
https://seekingalpha.com/article/4447507-american-public-education-inc-apei-ceo-angela-selden-on-q2-2021-results-earnings-call