The College of Law (CoL) has completed the sale of its legal education and training business to European private equity firm Montagu.
Completion on the deal comes eight months after the the sale was agreed in April and paves the way for the establishment of a Legal Education Foundation with the proceeds of the sale.
The fund, which will be in excess of £200m, will be used by the charity to further its charitable objectives by providing bursaries, scholarships and grants to future students.
Montagu is also set to invest £2m in a College Scholarship Fund for the benefit of the college’s students, along with placing 2 per cent of the fully diluted share capital in the ultimate holding company into the fund.
In a short statement, the CoL said “The transaction has now completed and we look forward to building on the success of our new university title.”
The news follows the announcement that the CoL is to be rebranded The University of Law after being granted university status last month. (22 November 2012)