University of Idaho purchase deal with University of Phoenix extended

University of Idaho
Posted at 9:44 AM, Jun 28, 2024

MOSCOW, Idaho — The University of Idaho Board of Regents approved a request by the University to extend the Asset Purchase Agreement for the University of Phoenix through next year on June 28, 2024.

The approval extends the agreement through June 10, 2025, allowing conversations with legislators and stakeholders to continue. The original purchase agreement expired on May 31, 2024.

The approval does not hold the University to a commitment of a closing time, but instead any amended purchase will go back to the Regents for consideration and approval in a public meeting.

“The merits of this affiliation have never been stronger,” U of I President Scott Green said. “The value to Idaho’s educational system, adult learners and Idaho’s industries is transformational. The affiliation also diversifies revenue streams and strengthens our financial future.”

The agreement also includes non-exclusivity measures to allow the University of Phoenix owners to consider other offers by committing them to pay $5 million to U of I upon signing the extension. The agreement also commits a payment of $15 million should the owners sell to another buyer.

The deal aims to provide Idahos learners and businesses with more opportunities and support an educated workforce in the state.

“We have a state-wide mission to serve all of Idaho as its land grant institution. We must lead new ways of delivering education to our citizens,” Green said. "The needs of adult learners are growing, and we need to be diligent in our efforts to meet that demand."

The Idaho State Board of Education has also approved the amendment and extension to the deal.

“With this decision, we now have more options,” Board Member Kurt Liebich said. “Will a deal happen? That will be up to the legislature at the end of the day. This gives us time to work with legislators and try to come up with a potential solution. I think this optionality has a lot of value for the State of Idaho and our citizens.”