MOSCOW, ID – The University of Idaho is in the process of purchasing the University of Phoenix. Officials say the U of P is an institution of higher learning that has served mostly working adult learners with dependents for almost 50 years. The target date of acquisition is sometime early next year.
The purchase price is $550 million. The seller is also providing $200 million in cash that will transfer to the not-for-profit corporation. The purchase will be financed through non-taxable and taxable bonds. This money is separate from any U of I budgets or funding lines.
Started in 1976, the university offers flexible online learning options for non-traditional students. Historically, the University of Phoenix included physical locations in cities across the country, but it now delivers education primarily in an online format due to the overwhelming preference of its students and prospective students choosing to access the flexible, innovative online learning environment.
The University of Phoenix has approximately 85,000 students and offers programs at all levels: micro-credentials, certificates, associate degrees, bachelor, master’s, and doctoral degrees.
The U of I says it wants to purchase the university because they share a common mission, “to illuminate and elevate students to be successful in their careers and lives. Both institutions serve a significant number of first-generation students who benefit from robust support systems. We can learn from each other how to best serve all learners and ensure that address does not dictate access. We believe we are culturally aligned around student success.”
At this stage, the parties have entered into an agreement pursuant to which the newly created not-for-profit corporation affiliated with the U of I will acquire the University of Phoenix. The transaction is subject to various necessary regulatory approvals and other actions that will take several months to accomplish. Accordingly, it is expected that the transaction will be consummated by early 2024.
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