Core Projects acquires part of Princeton Review for $20 million
29 Dec 2008
Core Projects & Technologies Ltd has acquired the K-12 division of The Princeton Review Inc, a Nasdaq-listed education company, for around $20 million.
The acquisition has been made through Core Project's wholly owned subsidiary Core Education & Consulting Solutions Inc USA, the company said in a filing with the Bombay Stock exchange (BSE).
Core Projects plans to fund the acquisition through debt, being raised by CECS. The acquisition will add approximately $24 million to Core Project's global revenues, and is expected to yield earnings of 24 per cent in the first full year of operations, the filing added.
Core Projects & Technologies provides of end-to-end solutions in the education domain.
Under the terms of acquisition, Core Projects can use the TPR brand for two years to market the acquired products in the US, the UK and India.
The New York-based Princeton Review offers private tutoring, classroom and online test preparation for students.
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