Benzinga | Aug 4, 2021 07:32AM EDT

Adtalem Begins Exploring Strategic Alternatives For Financial Services Segment

Consistent with its long-standing commitment to delivering long-term shareholder value, Adtalem Global Education (NYSE:ATGE), a leading workforce solutions provider, today announced that it is exploring strategic alternatives for its Financial Services segment, which includes ACAMS (Association of Certified Anti-Money Laundering Specialists), Becker Professional Education and OnCourse Learning.

"The exploration of strategic alternatives for our Financial Services segment is a natural progression of our workforce solutions strategy and ongoing efforts to optimize our portfolio with a focus on healthcare education," said Lisa Wardell, chairman and CEO of Adtalem. "Our Financial Services segment is a compelling collection of businesses with global scale and strong momentum, achieved through the hard work and dedication of our team."

Adtalem's Financial Services segment consists of a highly attractive set of businesses with commanding market share positions in the $5.2 trillion financial services industry, a large and growing market that requires mandatory licensure and recertification of its professionals. The brands within Adtalem's Financial Services portfolio are the leaders in their respective markets, and together comprise a premium and verticalized platform in an industry with strong macro and industry tailwinds as regulatory and compliance requirements within the financial services industry continue to create demand for the unique education and training solutions these businesses offer.

The segment includes ACAMS -- which remains the industry leader in the growing anti-financial crimes marketplace; Becker Professional Education -- widely recognized as the "gold-standard" in CPA preparation with significant growth in complimentary CMA and CPE offerings; and OnCourse Learning -- the premier training platform in the highly fragmented mortgage and banking industries.

No timetable has been established for the completion of the strategic review, and the company does not intend to disclose further developments with respect to its strategic review process, unless and until its board approves specific actions, or otherwise concludes the strategic review.

Adtalem has retained Morgan Stanley & Co. LLC as its financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal counsel to assist in the strategic review.