Montagu Private Equity has bought the College of Law in a deal worth £200m (€244.6m).
The long-awaited deal, first reported in February, came after a comprehensive strategic review. The college's governors announced this week that its legal education and training business will be separated from its ongoing charitable activities.
Following the deal, the charity, which will be renamed The Legal Education Foundation, will use the proceeds to promote the continuation of legal education.
“Given the changing education environment, it was appropriate for the governors to undertake a major strategic review of the best way for the charity to meet this objective in the future,” commented Professor David Yates, chairman of the governors.
Montagu has appointed Sir Tim Wilson as a non-executive director of the newly created board of the College. In his new role, Wilson will have special responsibility for monitoring academic standards and quality. He is the former vice-chancellor of the University of Hertfordshire and the author of a recent report commission in the 2011 Higher Education White Paper: “A review of business – University collaboration”.
The private college, which has degree-awarding powers, has been on the block since September 2011. The business attracted interest from a number of other private equity firms such as Providence Private Equity and trade buyers such as Pearson.
The College of Law received its royal charter in 1975 and became the first independent institution to be granted degree-awarding powers in 2006.
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