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Raffles Education cancels acquisition of Santa Fe University of Art and Design

Michelle Zhu Published on Thu, Mar 30, 2017 / 8:01 AM GMT+8

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SINGAPORE (March 30): Raffles Education Corporation has terminated its plans for its wholly-owned subsidiary Joshua Education to acquire a 100% interest in Santa Fe University of Art and Design in New Mexico, US, from LEI Holdings US-1.

The proposed acquisition was announced by Raffles Education in May last year, following which the group obtained shareholder approval with regards to the deal at its EGM on Jul 25, 2016. As part of the agreement, Raffles Education and LEI Holdings each contributed US$5 million ($6.9 million) into an escrow account to help stabilise the business.

(See also: Raffles Education to acquire Santa Fe University of Art and Design)

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Raffles Education cancels acquisition of Santa Fe University of Art and Design