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Acquisition of Laureate's Australia and New Zealand Operations | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Acquisition of Laureate's Australia and New Zealand Operations | Acquisition of Laureate's Australia and New Zealand Operations On July 29, 2020, the Company entered into a sale and purchase agreement (“Purchase Agreement”) to acquire the Australia and New Zealand operations (collectively, the “Business”) of Laureate Education, Inc. (“Laureate”). The Business includes Torrens University Australia, Think Education, and Media Design School, which together provide diversified student curricula to over 19,000 students across five industry verticals, including business, hospitality, health, education, creative technology and design. The Company believes that the Business represents an attractive portfolio of institutions with a similar focus on innovation, academic outcomes, improved affordability and career advancement as the Company. The Company also believes that the Business provides an attractive platform for potential future growth, both from Australia’s favorable student immigration regulations and as a potential platform for expansion across the Asian market. On August 10, 2020, the Company increased the total commitments under its existing revolving credit facility from $250 million to $350 million in anticipation of closing the transaction. The transaction closed on November 3, 2020. See Note 17 for additional information. Through September 30, 2020, the Company has incurred $2.6 million of acquisition-related costs related to this acquisition. These costs were primarily attributable to legal and accounting support services incurred by the Company in connection with the acquisition, and are included in Merger and integration costs in the accompanying unaudited condensed consolidated statement of income.

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