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Sylvan to Acquire Aspect for $65 Million

April 14, 1998|Bloomberg News

Sylvan Learning Systems Inc. agreed to acquire Aspect, a closely held provider of English instruction, for $65 million in stock, adding the rapidly growing English-as-a-second-language program to its roster of educational services. Sylvan also said it will take acquisition charges of $9 million to $10 million in the second quarter. With the acquisition, Baltimore-based Sylvan would add Aspect's intensive English instruction to its Wall Street Institute program, which teaches English to professionals on a part-time basis in their own countries. San Francisco-based Aspect's revenue has risen more than 25% each year since 1994. The number of shares to be issued in the transaction would be based on the average trading price of Sylvan stock for the 30 days prior to the closing date, which is expected to be before May 15. The combined company would have annual revenue of about $300 million and employ 3,100 people in 105 countries, Sylvan said. The company said it won't fire any Aspect employees. Sylvan shares fell 6 cents to close at $48.44 on Nasdaq.

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