Adtalem Global Education to Acquire OnCourse Learning’s Financial Services Business

Acquisition broadens professional education offerings to banking,
credit union, mortgage and insurance markets and unlocks expansion
opportunities across global financial services industry

CHICAGO–(BUSINESS WIRE)–Adtalem Global Education Inc. (NYSE: ATGE), a leading workforce
solutions provider, announced it has entered into a definitive agreement
to acquire the financial services division of OnCourse Learning, a
Brookfield, Wisconsin-based leading provider of compliance training,
licensure preparation, continuing education and professional development
across the United States. The total consideration for the transaction is
approximately $121 million in cash, subject to customary post-closing
adjustments, and is expected to close in the fiscal fourth quarter of
2019. OnCourse Learning is owned by Bertelsmann, an international media,
services and education company.

This acquisition aligns with Adtalem’s enterprise strategy,
strengthening our position as a leading workforce solutions provider,”
said Lisa Wardell, president and CEO of Adtalem. “The OnCourse Learning
solution set greatly expands our financial services portfolio and is
complementary to our existing banking, accounting and compliance program
offerings. This transaction expands our reach across the governance,
risk and compliance sector and enhances our ability to meet the current
and future needs of employers in the dynamic financial services
industry. We are thrilled to welcome the OnCourse Learning team to
Adtalem.”

Adtalem will acquire the financial services portfolio, including
sub-brands such as BankersEdge and TTS, leading providers of compliance
training to the banking and credit union markets, as well as OnCourse
Learning’s mortgage licensing and continuing education programs, which
are approved by the Nationwide Multistate Licensing System & Registry.
More than 300,000 mortgage students, both beginners and professionals,
have completed these programs nationwide. The financial services
division of OnCourse Learning generated nearly $31 million in revenues
in calendar year 2018 and delivered a favorable EBITDA margin profile of
over 30 percent.

With more than 1,700 courses, OnCourse Learning will provide added
breadth and depth to our program offerings, so we can serve a broader
range of needs in the financial services sector,” said Mehul Patel,
group president of Adtalem’s financial services business. “OnCourse
Learning’s programs are well-known in the industries they serve, and
Adtalem will leverage its own considerable client relationships, content
and global distribution channels to further grow and enhance our
industry relevance.”

Adtalem’s financial services portfolio currently consists of several
organizations with a range of professional education products and
services, including: the Association of Certified Anti-Money Laundering
Specialists (ACAMS), its CAMS certification is one of the most widely
recognized anti-money laundering certifications among compliance
professionals worldwide; Becker Professional Education, which offers
programs in CPA Exam Review and continuing professional education
courses; and EduPristine, one of India’s leading training providers in
accounting, finance and digital marketing.

The OnCourse Learning financial services team is pleased to be joining
forces with Adtalem,” said Brett Shively, president and CEO of OnCourse
Learning. “Adtalem is strategically positioned to accelerate our growth
through cross-selling opportunities with its current portfolio and
through growth capital that allows us to continue to differentiate in
the market and expand our program offerings and customer base.”

Adtalem does not anticipate a material impact on its full-year fiscal
2019 earnings from the OnCourse Learning acquisition, given the expected
closing date in fiscal fourth quarter of 2019. Adtalem expects the
acquisition to be modestly accretive to its full-year fiscal 2020
results.

Macquarie Capital served as exclusive financial advisor to Bertelsmann
and Manatt, Phelps & Phillips, LLP acted as transaction counsel to
Bertelsmann.

About Adtalem Global Education

The purpose of Adtalem Global Education is to empower students to
achieve their goals, find success, and make inspiring contributions to
our global community. Adtalem Global Education Inc. (NYSE: ATGE; member
S&P MidCap 400 Index) is a leading workforce solutions provider and the
parent organization of Adtalem Educacional do Brasil (IBMEC, Damásio and
Wyden institutions), American University of the Caribbean School of
Medicine, Association of Certified Anti-Money Laundering Specialists,
Becker Professional Education, Chamberlain University, EduPristine, Ross
University School of Medicine and Ross University School of Veterinary
Medicine. For more information, please visit adtalem.com
and follow on Twitter (@adtalemglobal)
and LinkedIn.

Contacts

Media Contact:
Ernie Gibble
Ernie.gibble@adtalem.com
(630)
353-9920

Investor Relations Contact:
Chaka Patterson
chaka.patterson@adtalem.com
(630)
353-9073