APEI completes $329M acquisition of Rasmussen University; revenue nearly doubles to ~$600M

AMERICAN PUBLIC EDUCATION INC

Acquired Rasmussen for $329M in cash; purchase price paid entirely in cash.
Combined revenue ~$600M; nursing platform with ~11,000 students, ~$200M nursing revenue.
Rasmussen seen generating ~$275M revenue in FY2021; combined adj. EBITDA ~$90M before synergies.
Expects cost savings >$5M in first 12 months, at least $10M in years 2-3 post-close.
Entered $175M term loan + $20M revolver to finance acquisition; maturities 2026/2027.

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