$36 million bid for Finsia
The Financial Services Institute of Australasia (Finsia) has reached an agreement to sell its education business for $36 million.
The buyer, New York-based Kaplan, is a global provider of tertiary education and professional qualifications.
Finsia was formed by the successful 2005 merger of the Securities Institute of Australia and the Australasian Institute of Banking and Finance. It has more than 20,000 members and 19,000 students.
The deal is subject to the vote of Finsia members and is expected to be finalised in six to eight weeks. The business will be re-branded as Kaplan.
Finsia says the sale will “unlock capital and human resources” to upgrade and extend its membership services.
President Michael Shepherd says the board embarked on a strategic review of Finsia late last year, and concluded that the capital and resources required for maintaining accreditation and developing and marketing new courses “would be better applied to a wider range of services for members and representing them in matters of policy and public interest”.
The buyer, New York-based Kaplan, is a global provider of tertiary education and professional qualifications.
Finsia was formed by the successful 2005 merger of the Securities Institute of Australia and the Australasian Institute of Banking and Finance. It has more than 20,000 members and 19,000 students.
The deal is subject to the vote of Finsia members and is expected to be finalised in six to eight weeks. The business will be re-branded as Kaplan.
Finsia says the sale will “unlock capital and human resources” to upgrade and extend its membership services.
President Michael Shepherd says the board embarked on a strategic review of Finsia late last year, and concluded that the capital and resources required for maintaining accreditation and developing and marketing new courses “would be better applied to a wider range of services for members and representing them in matters of policy and public interest”.