Thread regarding Career Education Corp. layoffs

Redundancies=layoffs

Lastly, during the first quarter of 2019, we entered into an agreement to acquire substantially all of the assets of Trident University International (“Trident”). Trident is a regionally accredited university offering online undergraduate, master’s and doctoral programs with a strong focus on graduate programs. Under the terms of the agreement, we have agreed to pay a cash purchase price in the range of $35 million to $44 million depending on Trident’s actual financial results measured in terms of its revenue and EBITDA during a 12-month period prior to closing. We will also reimburse the seller for certain employee related expenses, the amount of which will be finalized at closing. In addition, the parties have agreed to a working capital adjustment based on the final closing balance sheet and that $4 million of the purchase price will be set aside in an escrow account to secure indemnification obligations of the seller after closing. The purchase price is expected to be funded fully using the Company’s available cash balances. The acquisition of Trident is expected to be immediately accretive to the Company’s earnings after closing. The transaction is expected to close by the end of 2019, subject to necessary regulatory approvals and customary representations, warranties, covenants and closing conditions.

https://www.sec.gov/Archives/edgar/data/1046568/000156459019017219/ceco-10q_20190331.htm

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Post ID: @OP+Zj2njuw

3 replies (most recent on top)

Hmm...Is hiring Argosy execs a great idea?

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Post ID: @12ytw+Zj2njuw

CECO continues to use QuinStreet as the lead generator to prey on consumers.

https://www.thelayoff.com/quinstreet

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Post ID: @11jfk+Zj2njuw

Earnings date August 7th

https://finance.yahoo.com/quote/CECO?p=CECO&.tsrc=fin-srch

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Post ID: @11bvs+Zj2njuw

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