MANILA, Philippines – Far Eastern University, Inc. (FEU) is expanding its reach in the education sector by acquiring another college, the listed private university said in a disclosure last Friday.
In an announcement at the Philippine Stock Exchange, FEU said its board has approved to acquire a majority stake at the Rizal-headquartered Roosevelt College Inc.
The transaction, which will involve “up to 99.42 percent but no less than 73.99 percent” of the college, will cost “up to P1.25 billion.”
The final amount will be determined by the outcome of negotiations between FEU and Roosevelt College officials, with the former being led by president Michael Alba and chief financial officer Juan Miguel Montinola.
Established in 1928 by Dr. Nicanor Reyes Sr., FEU is one of the country’s oldest universities. It has five campuses located in Manila, Makati, Cavite, and Quezon City.
Roosevelt College also has five campuses, three of which are located in Rizal in Cainta, Rodriguez and San Mateo. It also has campuses in Cubao in Quezon City and Marikina.
The college was established in 1945 as Roosevelt Memorial High School.