Corinthian To Sell 56 Everest And WyoTech Campuses To Zenith

(RTTNews) - Corinthian Colleges Inc (COCO) said Thursday that Zenith Education Group Inc, an affiliate of ECMC Group Inc, has agreed to acquire its 56 Everest and WyoTech campuses in 17 states as well as online programs.

Under the agreement Zenith will also acquire 12 schools that are currently being taught out and closed, and will continue the teach-out process until complete.

In total, the schools being purchased represent all of Corinthian's U.S.-based Everest and WyoTech campuses located outside of California, serving more than 39,000 students.

The acquisition is expected to close in January 2015, subject to regulatory approvals and other conditions.

Corinthian entered into an operating agreement with the U.S. Department of Eductation effective on July 8, under which Corinthian agreed to wind down and close 12 schools and offered to sell the rest of its U.S. schools, including online programs.

Corinthian also owns Heald College, which has 12 campuses in three Western states; 13 Everest and WyoTech campuses in California; and 14 Everest campuses in Ontario, Canada. Collectively, these 39 schools serve approximately 20,000 students. Corinthian expects to continue to operate these schools until it finds suitable buyers for them.