Chegg To Buy Online Tutoring Network InstaEDU For $30 Mln In Cash - Quick Facts

(RTTNews) - Chegg Inc. (CHGG), an online textbook rental company, announced that it has agreed to acquire InstaEDU, Online Tutoring Network, for $30 million in cash.

InstaEDU has quickly scaled into a platform that connects students with on-demand tutors in more than 2,500 subjects, ranging from high school and standardized test prep, all the way through advanced college concepts for as little as $0.40 per minute.

The acquisition is subject to customary closing conditions. Chegg believes the acquisition will be accretive to earnings as early as 2015 and expects the acquisition to close by the end of June 2014.