Corinthian Adds Heald For $395M In College Union

Law360, New York (October 20, 2009, 6:51 PM EDT) -- Corinthian Colleges Inc. announced Tuesday that it has acquired Heald Capital LLC, the parent company of for-profit junior college chain Heald College, for $395 million, adding 11 campuses to its network of more than 100 locations throughout the United States and Canada.

The purchase price also includes the repayment or assumption of an unspecified amount of Heald debt, Corinthian said in its announcement of the deal.

Because of Heald Capital's limited liability company structure, Corinthian will be eligible to receive a tax “step up” that will...
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