Laureate Education, a Baltimore-based company, said it will sell its university in Morocco, Université Internationale de Casablanca, for $53.6 mln to KMR Holding Pédagogique, a company that owns the Private University of Marrakech and invests in education in west Africa.
The Université Internationale de Casablanca, which opened in 2010, is one of the few state-recognized comprehensive private universities. The school offers undergraduate, graduate and executive education programs in business, engineering and health, the Baltimore Sun news outlet reported.
The companies expect the sale to close by the end of the second quarter, the Baltimore Sun said.
The sale is part of Laureate’s plan to focus on emerging markets with high demand for low-cost education.
Laureate Education has more than one million students enrolled at nearly 70 institutions in 23 countries, both on campuses and online in undergraduate, graduate and specialized degree programs. KMR has more than 7,500 students in Marrakech, Casablanca and Dakar.