I sure hope they know what they are doing, spending $550 million in taxpayer dollars for this.
The Idaho State Board of Education voted unanimously Thursday to approve the University of Idaho’s request to take the first steps to acquire the University of Phoenix.
The purchase price is $550 million, according to a UI frequently-asked-questions webpage. The state education board’s approval Thursday allows UI to create a not-for-profit entity that would acquire the University of Phoenix, an online university.
The purchase would be financed by bonds issued by the not-for-profit entity and not taxpayer dollars. There’s an expected economic benefit of $10 million in supplemental education funding going to UI and that amount may grow over time.
“This is an incredible opportunity for both institutions to diversify our programmatic portfolios,” the UI website said. “This transaction will improve student access to higher education and will expand learning technologies and strategies.”