The former parent company of Grand Canyon University is working to buy a health-education services group for over $360 million in cash.
According to Phoenix-based Grand Canyon Education, the deal for Orbis Education Services of Indiana would assist in reducing the nationwide nursing shortage.
Coming in at $362.5 million, the agreement was anticipated to close during the first quarter of 2019.
“This is a natural extension of what Grand Canyon Education is already doing as an education services partner. We are very impressed with the quality of nursing and healthcare education that Orbis Education’s client institutions are providing,” university President Brian Mueller said.
Mueller is also the CEO of the company that owned the university until July, Grand Canyon Education, which marked when the school returned to nonprofit status.
Additional Orbis partners include Northeastern University, Loyola University Chicago, Xavier University and Marquette University.
Orbis forms lasting partnerships between students, universities and health care systems “through innovative educational programs.”
The company’s CEO Steve Hodownes said the deal was an “excellent fit” for his company and that both organizations involved “are mission-driven.”