Perdoceo to buy South University for up to $224 million; reaffirms 2026 outlook
Perdoceo Education agreed on September 14, 2026 to acquire 100% of South University Savannah, LLC from South University – Member, Inc., with a $150 million initial cash payment at closing before adjustments. The company said it expects to complete the deal as early as April 2027 and that it would be immediately accretive to adjusted operating income beginning in 2027, and it reaffirmed its fiscal 2026 adjusted operating income outlook of $258 million to $263 million.
Key points
- Cash consideration: about $150 million at closing (subject to adjustments), $18 million deferred over 24 months, and up to $56 million in earn-outs tied to EBITDA for fiscal 2027 through 2029
- South reported unaudited 2025 revenues of approximately $291 million and adjusted operating income of approximately $34 million
- Closing is expected as early as April 2027, subject to regulatory and accreditor approvals; either party may terminate if closing has not occurred by July 9, 2027, with a termination fee of up to $20 million
- Perdoceo reaffirmed its full-year 2026 adjusted operating income outlook of $258 million to $263 million
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:55 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 14, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.