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ACQUISITIONS
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Corinthian Colleges plans to buy Heald for $395 million

Move will expand Santa Ana-based institution's presence in Northern California, Oregon, Hawaii.

By Kristen SchottPublished: October 19, 2009 09:48 AM

Santa Ana-based Corinthian Colleges plans to buy San Francisco-based Heald Capital – the parent company of Heald College – for $395 million. The purchase price includes the repayment or assumption of Heald's debt, as well as other closing payments.

Heald operates 11 campuses – nine of which are in Northern California – one in Honolulu and another in Portland, and the deal is expected to increase Corinthian's presence in those areas, according to CEO Peter Waller. Corinthian currently runs five campuses in the Northern California region.

"The acquisition of Heald is consistent with Corinthian's strategy of increasing its presence in markets with high-growth potential and expanding its ability to offer regionally accredited programs," he says.

Heald was founded in 1863. The regionally accredited institution offers study in health care, business, legal and information technology, among other fields, through its associate degree programs. The institution was also recently approved to offer completely online degrees, which it will begin enrolling early next year.

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