FEU taking over University of Nueva Caceres-Bataan
Private school operator Far Eastern University Inc. (FEU) has struck a deal to acquire a controlling interest in the University of Nueva Caceres-Bataan.
In a disclosure to the local bourse on Monday, FEU said it had entered into a memorandum of agreement with Bataan Peninsula Educational Institution Inc. (BPEII), which operates the university.
Subject to completion of certain closing conditions, FEU will purchase 76.92 percent of the land on which BPEII operates for P50 million.
At the same time, it will subscribe to 39,500 shares in BPEII at a total subscription price of P106 million.
Upon completion of the deal, FEU is expected to hold a 60.34-percent equity stake in BPEII. This forms part of FEU’s expansion strategy aimed at strengthening its presence outside Metro Manila.
FEU, one of the country’s oldest private universities, is listed on the Philippine Stock Exchange and operates several academic institutions under the FEU brand.
