The education management systems company has acquired the K-12 division of Princeton Review, a US-based education company for $20 million. The acquisition is expected to be funded out of debt being raised by CECS and will add approximately $24 million to CORE global revenues.
The acquisition will be completed through its wholly owned subsidiary CORE Education & Consulting Solutions Inc, USA (CECS). The Princeton Review, a leading provider of test preparation and educational support services announced in November that it planned to divest the K-12 Services business because it is not directly aligned with its college and graduate school admissions test preparations and supplemental education opportunities.
Shares of Core Projects and Technologies were up 5% after it announced the acquisition.