Benzinga | Jan 24, 2022 06:49AM EST

Adtalem Global Education To Divest Financial Services Segment For $1B

* Adtalem Global Education Inc (NYSE:ATGE) has agreed to sell its Financial Services segment, including ACAMS (Association of Certified Anti-Money Laundering Specialists) and Becker Professional Education and OnCourse Learning, to a consortium of Wendel Group and Colibri Group in an all-cash transaction for $1 billion.

* The company expects to close the transaction in the third quarter of FY22.

* "This transaction is the culmination of a long-term strategy to sharpen the focus of our portfolio and greatly enhance our ability to address -- at scale -- the rapidly growing and unmet demand for healthcare professionals in the U.S.," said CEO Steve Beard.

* The company will begin reporting the financial services segment as a held for sale and discontinued operation in its second-quarter FY22 earnings report.

* Price Action: ATGE shares closed lower by 1.38% at $27.90 on Friday.