Perdoceo Education agrees to buy South University for up to $214 million

Perdoceo Education agreed to buy 100% of South University, with closing expected as early as April 2027.

The cash consideration includes $130 million to $140 million at closing, $18 million deferred over 24 months, and up to $56 million in earn-out payments.

South University had about $291 million in revenue, about $34 million in adjusted operating income, and about 10,500 students in 2025.

South operates 11 campuses across several U.S. states, with additional online programs.

Perdoceo expects the deal to lift adjusted operating income starting in 2027, with further growth projected in 2028.