Rider University signs 40M sale agreement on choir college

David Hutter//June 21, 2018//

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The Rider University Board of Trustees have signed a $40 million purchase and sale agreement to transfer Westminster Choir College to Beijing Kaiwen Education Technology Co.The Rider University Board of Trustees have signed a $40 million purchase and sale agreement to transfer Westminster Choir College to Beijing Kaiwen Education Technology Co.

The pact, which follows a non-binding agreement announced in February, includes the Westminster Conservatory and Westminster Continuing Education. The seller and buyer intend to close the transaction by July 1.

Rider will continue to operate Westminster Choir College, the Conservatory and Continuing Education in the 2018-2019 academic year and work with the buyer to recruit students for the 2019-2020 academic year.

The buyer has agreed to invest an additional $16 million in Westminster over a five-year period beginning on the closing date.