Perdoceo to acquire South University for up to $224M; close expected April 2027

PERDOCEO EDUCATION Corp

Cash consideration: $130-150M at closing, $18M deferred over 24 months, up to $56M earn-out tied to 2027-2029 EBITDA.
South University 2025 revenue ~$291M, adjusted operating income ~$34M; ~10,500 students served.
Deal funded from cash on hand; not subject to financing; termination fee up to $20M if not closed by July 9, 2027.
Perdoceo reaffirms FY2026 adjusted operating income outlook of $258M-$263M.
Transaction expected to be immediately accretive to adjusted operating income from 2027.

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