STI Education Systems Holdings Inc. said Wednesday its board ratified the execution of a term sheet that would allow it to takeover the operations of Philippine School of Business Administration, or PSBA.
Listed STI Holdings, owner of the largest private school network, said it will also acquire the trademarks, licenses, trade names and school-related assets of PSBA, including its campus in Quezon City.
The deal, STI Education said, is still subject to certain conditions, including the execution of a mutually-acceptable definitive agreement, the fulfillment of conditions precedent, and stockholders and regulatory approval.
Financial details of the deal weren’t immediately disclosed.
PSBA, founded in1963, is a privately-held college that conducts instructional programs exclusively in business education. The school also offer senior high school and graduate courses.
STI Holdings reported earlier that in its first half ended December, net profit more than doubled to P517.8 million from P223.2 million in the year earlier period on the back of 27 percent growth in enrollment to 120,000 students.
