National Education Nears Israeli Acquisition
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IRVINE — National Education Corp. said Monday that it has reached a definitive agreement to buy Edunetics Ltd., an Israeli company that develops and markets instructional software systems for teaching in the United States.
Irvine-based National Education said it will pay $12 million, or about $2 per share, for Edunetics, which would operate as part of Steck-Vaughn Publishing Corp., an Austin, Texas, publisher of supplemental education materials that is about 83% owned by National Education.
The transaction must be approved by Edunetics shareholders and Israeli regulators.
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