NEW YORK (
The First Marblehead Corporation
's Tuition Management Systems from for $47,250,000 in cash.
TMS will be acquired by a wholly owned subsidiary of First Marblehead and will retain its identity, management and operations under the transaction, according to a company statement. The deal is expected to close before January 1, 2011.
TMS processes approximately $3.7 billion in tuition. The First Marblehead Corp. expects the acquisition to add $31 million in total revenues, to be cashflow positive during the first year and accretive to earnings in two years, the statement adds.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here:
To follow the writer on Twitter, go to
To submit a news tip, send an email to: