Laureate Education, said it has wrapped up the previously announced $218 million sale of its Chilean operations by transferring the control of its not-for-profit institutions to Fundación Educación y Cultura and the divestiture of its for-profit operations.

Founded by Chilean professionals, Fundación Educación y Cultura is a Chilean not-for-profit entity, which is said to have vast experience in higher education. The entity will now take responsibility for Universidad Andrés Bello, Universidad de Las Ámericas, and Universidad Viña del Mar, following the close of the deal.

Jorge Selume – Chairman of Fundación Educación y Cultura said: “The institutions joining our Foundation have a high-quality educational record that is both solid and inclusive. Each institution brings a unique perspective to the contribution it makes to developing their students, their community and Chile.

“We are committed to consolidating and continuing to strengthen the future path of each institution.”

Laureate Education said that the sale of its for-profit institutions includes Instituto Profesional AIEP to Universidad Andrés Bello, which have been offloaded for $214.6 million and the sale of other assets such as Instituto Profesional Escuela Moderna de Música to Fundación Educación y Cultura for $3.6 million.

Eilif Serck-Hanssen – President and CEO of Laureate Education said: “This is the right time for Laureate to pass the torch to a dedicated in-country organization highly attuned to local constituencies and the changing regulatory landscape. Operating these institutions at a national level should deliver strong outcomes for students and for the country.”

“We are proud of the contribution that Laureate has made in developing these highly regarded institutions. During Laureate’s 20 years in Chile, we have contributed significantly to the expansion and accessibility of education, fostering social mobility and providing opportunities for youth and adults to improve their lives through higher education.”

  Chile, Education industry news, Eilif Serck-Hanssen, Fundación Educación y Cultura, Jorge Selume, Laureate Education