Sylvan and Liverpool via KIT.

Discussion in 'Off-Topic Discussions' started by Denver, Apr 12, 2004.

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  1. Denver

    Denver Member

    Sylvan and Liverpool via KIT.

    Selections from:http://phx.corporate-ir.net/phoenix.zhtml?c=91846&p=IROL-newstext&t=Regular&id=510848&

    BALTIMORE--(BUSINESS WIRE)--April 1, 2004- Sylvan Learning Systems, Inc. (Nasdaq:SLVN), the world's leading international provider of higher education, today announced its entry into the rapidly growing market for online higher education outside of the United States, with the acquisition of K.I.T. e-Learning, B.V. (K.I.T.).

    Based in Amsterdam, K.I.T. (www.kitcampus.com) is the exclusive worldwide distance-learning partner of the University of Liverpool and specializes in delivery of online graduate programs to working-adult students in over 80 countries. K.I.T.'s Amsterdam office will become the headquarters for Sylvan's online activities outside the United States.

    Sylvan acquired a 100% interest in K.I.T. in exchange for an immediate cash payment of $9.4 million and a future payment of up to an additional $10.0 million based on future earnings of K.I.T. in 2006 and 2007. For the year ended December 31, 2003, K.I.T. generated revenues of $6.9 million. The completed acquisition is not expected to materially impact Sylvan's 2004 earnings.

    The University of Liverpool and K.I.T. currently offer an online MBA and Master of Science in Information Technology mainly to working-adult students. These students are from many countries, most commonly the United Kingdom, Canada, and the Netherlands. The University of Liverpool's online degree programs generally require two years to complete with an average annual tuition of approximately 7,000 Euros.
     
  2. oxpecker

    oxpecker New Member

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