Manipal Education buys out Antigua University

by Dave

The Economic Times

In one of the biggest cross-border deals in the education space, Manipal Education has acquired the entire shareholding of American

from New York-based Greater Caribbean Learning Resources. Manipal Education confirmed the buyout, but did not disclose the transaction size. However, sources said the company has raised $115 million debt financing from ICICI Bank in recent weeks, which will be ploughed into the buyout as well as capex requirements for ramping up the campus.

ET first reported on the potential acquisition in its edition dated October 7. The Caribbean is a well-established market for medical students
from the US mainland, where the availability of seats far outstrips demand.
“We have completed the buyout, giving us control over AUA, which is among the top five medical education campuses in the Caribbean islands along with St George’s University School of Medicine
and Ross University,” Anand Sudarshan, MD & CEO, Manipal Education, told ET.

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