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Article: Art Institute operator Education Management to go private in $3.4 billion deal.
- Article from:
- Pittsburgh Post-Gazette (Pittsburgh, PA)
- Article date:
- March 7, 2006
CopyrightCOPYRIGHT 2006 Pittsburgh Post-Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Joyce Gannon
Mar. 7--John R. McKernan Jr. likes being private -- at least when it comes to the company he runs.
As chief executive officer of Education Management Corp., Mr. McKernan was pivotal to a deal unveiled yesterday calling for the owner and operator of the Art Institute of Pittsburgh and for-profit post-secondary schools across the country and in Canada to go private for $3.4 billion. The agreement, which could close this summer, will allow investment firms Providence Equity Partners and Goldman Sachs Capital Partners to buy the company for $43 a share, a 16 percent premium above Friday's close.
The goal, Mr. McKernan said, ...