Quayle Munro is pleased to announce that it has advised Cengage Learning, a leading provider of print and digital information services for the educational and library reference markets, on the sale of International Correspondence Schools (“ICS”), one of the leading private distance learning providers in the UK, and Nederlands Talen Instituut (“NTI”), a Dutch distance learning provider. ICS and NTI were agreed to be acquired by Cornelsen Publishing Group (“Cornelsen”) for an undisclosed amount. The acquisition is expected to be completed during the second quarter of 2009, upon the satisfaction of certain closing conditions. Quayle Munro was appointed as sole adviser to Cengage Learning and led the negotiations, structuring and execution of the transactions.
The acquisition of NTI and ICS will allow Cornelsen to expand its portfolio of vocational and higher education training products and services beyond German speaking countries, helping to build a truly international education group. The acquired businesses will be managed from Stuttgart alongside AKAD, Cornelsen’s own distance learning brand.
Dr. Hubertus Schenkel, Managing Director of Cornelsen Holdings commented:
“This step into international adult distance learning reinforces our core skills in the market vocational further and higher education, a position which we hold today with our private Universities of Applied Sciences and the premium brand, AKAD. At the same time, this step allows us to position ourselves strongly in the international market for educational services.”
Stephen King, Director, Quayle Munro commented:
“We were delighted to work with Cengage Learning on this transaction. The two distance learning businesses, ICS and NTI, are an excellent strategic fit with Cornelsen, taking it for the first time into the broader European market.”