Dec. 22, 2015, 3:23 PM
- With approval of shareholders, Kaplan (GHC +2%) has wrapped up its acquisition of SmartPros.
- The deal, for about $16.9M, was struck with the accounting education firm in October.
- SmartPros, which logged $13.5M in revenues last year, features a set of services and content including the Financial Management Network, CPA Report and Smart Pros Advantage accounting subscription products. It has a library of more than 2,800 hours of education programming, primarily in online form.
- Previously: Kaplan agrees to buy UK advanced-education specialist (Dec. 14 2015)
- Previously: Kaplan boosting accounting-education offerings by acquiring SmartPros (Oct. 22 2015)
Oct. 22, 2015, 2:37 PM
- Education services company Kaplan (GHC -1.1%) is acquiring accounting-education specialists SmartPros (SPRO +29.9%), for about $16.9M.
- That comes to $3.57/share, or a 40% premium over SmartPros' closing price yesterday. SmartPros is currently trading at $3.52.
- The company -- which posted $13.5M in revenues for 2014 -- has a suite of services for continuing education in accounting. Kaplan's Dr. Andrew Temte says SmartPros offerings will provide a good domestic complement to the company's global accountancy programs.
- The deal should close by year-end with approval by SmartPros shareholders.
Jul. 1, 2015, 12:49 PM
Jun. 11, 2015, 8:34 PM
- Cable One stock began when-issued trading today under the symbol CABO, ahead of its spinoff from Graham Holdings (GHC +1.4%), working between $405 and $400 before closing at $399.84.
- That's about 36.9% of the share price for parent Graham Holdings, closing today at $1,085.
- On July 1, Graham shareholders of record June 15 will receive a share of Cable One stock for every Class A and Class B GHC share they hold, via a tax-free transaction. There will be a $550M debt offering along with the spinoff to pay a special dividend. Graham has just under 5M shares outstanding.
- In Graham's Q1 earnings report, cable revenues of $198.7M made up 23.5% of its total revenues of $846.1M.
- Previously: Graham Holdings details timing of Cable One spinoff (Jun. 04 2015)
Nov. 14, 2014, 10:07 AM
- Shares of Graham Holdings (GHC +10.5%) rally on heavy volume after the company announced last night it plans to spin off its cable business.
- The transaction will set up Cable One to trade as a public company in 2015.
Aug. 4, 2014, 5:34 PM
- Bloomberg reports Gannett (NYSE:GCI) has agreed to take full ownership of Cars.com for $1.8B.
- Gannett currently owns 27% of Cars.com parent Classified Ventures. Reuters reported in May Gannett is interested in partnering with P-E firms to acquire Cars.com, potentially at a price of $3B.
- McClatchy (NYSE:MNI), Tribune (OTCPK:TRBAA), AH Belo (NYSE:AHC), and Graham Holdings (NYSE:GHC) also own stakes in Classified Ventures. The company sold Apartments.com in March for $585M, leaving Cars.com as its only property.
- MNI +20.6% AH. AHC +2.8%. GCI +0.8%.
Oct. 1, 2013, 5:37 PM
Jul. 24, 2012, 9:39 AM
Jan. 6, 2012, 12:11 PM
Nov. 11, 2011, 3:32 PM
Oct. 17, 2011, 3:31 PM
For-profit education firms slide after Jim Chanos labels them "a national shame," passing out worthless degrees and tons of debt. "I cant think of a more predatory business," he says, singling out ITT Educational Services (ESI -4.6%) as a particularly egregious offender. Other education names sink: APOL -3.5%, CECO -7%, DV -4%, WPO -2.6%.| Oct. 17, 2011, 3:31 PM | 7 Comments
Oct. 5, 2011, 10:52 AM
Apollo Group (APOL +9.1%) tops the S&P leader board after Credit Suisse upgrades shares and raises the price target to $47 from $35, citing changes to Apollo's business model that should lead to enrollment growth in FY2012; previous estimates had modeled enrollment declines. For-profit education peers also gain: CECO +7.7%, DV +5.4%, WPO +2.2%.| Oct. 5, 2011, 10:52 AM
Aug. 5, 2011, 12:00 PM
May 13, 2011, 1:54 PM
The more-than-tripling of short interest in Washington Post (WPO -2.1%) shares reflects the newspaper's struggles and the weakening of its Kaplan cash cow, as the for-profit education business attracts scrutiny. WPO's Donald Graham tries to win shareholders on the humanitarian argument of educating the needy, but kid Kaplan is becoming an increasing burden on the parent company.| May 13, 2011, 1:54 PM