Friday, March 23, 2018 9:44 am
Verbatim: Purdue Global completes acquisition of Kaplan University
The Journal Gazette
Purdue University issued this news release today:
WEST LAFAYETTE, Ind. — Purdue Global, Indiana’s newest public institution of higher education, has officially acquired Kaplan University after Thursday’s (March 22) closing of the transaction with Kaplan Higher Education.
As part of the acquisition, which entailed receiving Kaplan University’s institutional assets and operations for $1, Purdue University Global has entered into a long-term operations support agreement with KHE to provide services to the new institution. Under the support agreement, KHE will provide Purdue Global with “back-office” services that cover areas such as technological support, human resources, facilities management and other administrative functions.
On March 5, Purdue was notified that the Higher Learning Commission had approved a change of control application for the transaction and placed Purdue Global on its standard pathway for accreditation. The new institution, first announced in April 2017, previously received regulatory approvals from the U.S. Department of Education and Indiana Commission for Higher Education.
Purdue Global will have its main campus in Indianapolis and is expected to launch officially on April 2. Betty Vandenbosch, formerly president of Kaplan University, serves as Purdue Global chancellor and reports to Purdue University President Mitch Daniels and the new institution’s six-member board of trustees, composed of five Purdue University trustees and one external trustee.
The approximately 30,000 students enrolled at Kaplan University will transition effective immediately to Purdue Global. These students will be able to complete their programs of study with their current instructors without interruption and will earn a degree bearing the new institution’s name. Over time, additional programs are expected to be added to the curriculum.
Purdue Global expands Purdue’s land-grant mission by providing access to higher education for the tens of millions of working adults who started but did not complete a college degree and for others unable to attend a traditional college campus. With the launch of the new institution, Purdue, which previously did not have a significant online undergraduate degree offering, will become one of the largest online degree-granting systems in higher education.
As part of the transaction, Purdue Global will receive Kaplan University’s 14 campuses and learning centers, its current students, and roughly 2,100 employees.
Purdue Global trustees in June approved plans to offer a tuition discount of approximately 45 percent for Indiana resident students and free tuition for degree-seeking Purdue employees. In December, the board approved a Statement of Ethical Principles and Pledge to Students, a code by which all Purdue Global faculty, administrators, staff and support team members, as well as service partners, vendors, collaborators and other associates will be required to conduct themselves.
Purdue University, a top public research institution, offers higher education at its highest proven value. Committed to affordability, the university has frozen tuition and most fees at 2012-13 levels. Committed to student success, Purdue is changing the student experience with greater focus on faculty-student interaction and creative use of technology. Committed to pursuing scientific discoveries and engineered solutions, Purdue has streamlined pathways for faculty and student innovators who have a vision for moving the world forward.
Kaplan Inc. serves over 1 million students globally and provides an array of educational services to colleges and universities, businesses and consumers. It established Kaplan University to serve adult students and help them prepare for careers in some of the fastest growing industries. Kaplan is a subsidiary of Graham Holdings Company (NYSE: GHC).