STI buys Bacolod university
MANILA, Philippines–Tanco-led education network STI Education Systems Holdings has struck a deal to acquire West Negros University in Bacolod.
In a disclosure to the Philippine Stock Exchange on Tuesday, STI said it had signed a memorandum of agreement with the Agustin family for the acquisition of a controlling stake in West Negros University Corp. (WNU Corp.) which owns and operates the Bacolod university.
“The acquisition is expected to be completed after the completion of legal, academic, financial and tax due diligence by STI Holdings,” the disclosure said.
The university offers pre-elementary, elementary and secondary education as well as tertiary education courses and graduate courses.
STI Holdings earlier said it was positioning itself for another banner year this 2013, banking on fresh capital that would roll out its ambitious expansion program. STI chair Eusebio Tanco had said the core of its investment strategy lies in the acquisition of new properties where it could expand existing schools by building new and bigger campuses.