---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-21-112247"
form_type: "8-K"
ticker: "APEI"
cik: "0001201792"
company_name: "AMERICAN PUBLIC EDUCATION INC"
filed_at: "2021-09-02T23:59:59+00:00"
generated_at: "2026-06-29T06:01:52.362925+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-21-112247
- form_type: 8-K
- ticker: APEI
- cik: 0001201792
- company_name: AMERICAN PUBLIC EDUCATION INC
- filed_at: 2021-09-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1201792/000110465921112247/0001104659-21-112247-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1201792/000110465921112247/tm2126808d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-21-112247
- JSON: https://secwatch.observer/filing/0001104659-21-112247.json
- Plain text: https://secwatch.observer/filing/0001104659-21-112247.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.