Adtalem Global Education: Plans Accelerated Share Repurchase Program of $150 Million and Additional Open Market Share Repurchase Program of $300 Million; Approximately $770 million of the net proceeds from the pending divestiture of the Financial Services segment will be used to repay debt – Form 8-K

CHICAGO–(BUSINESS WIRE)–March 1, 2022–Adtalem Global Education Inc. (NYSE:ATGE), a leading health educator, today announced its intention to enter into an agreement to acquire Accelerated Share Purchase (ASR) to repurchase $150 million of Adtalem common stock, which will be funded from existing cash. In addition, the company intends to use approximately $770 million of the approximately $820 million in net proceeds from the pending divestment of the financial services segment to pay down debt. The financial services divestment is expected to be completed in the third quarter of fiscal 2022 by March 31, 2022.

In addition to authorizing management to continue the $150 million ASR program, Adtalem’s board of directors has authorized open market share buybacks of up to $300 million of the company’s common stock. over the next 36 months, which would be funded by existing cash and future free cash flow funds. Any purchases on the open market will be made at times and in amounts approved by the Company in accordance with applicable rules and regulations.

“Our planned use of the proceeds from the sale demonstrates and honors our commitment to strengthening our balance sheet and closing the significant gap between the intrinsic value of our assets and our market capitalization,” said Steve Beard, President and Chief Executive Officer of Adtalem Global Education. “These two steps combined will create substantial value for our owners and strengthen the financial metrics of our remaining debt holders. to meet – on a large scale – the growing and unmet demand for healthcare professionals in the United States.”

The company expects annualized interest savings of approximately $40 million from the repayment of $770 million in debt and intends to repay the debt approximately 30 days after the financial services divestiture is finalized. Morgan Stanley will act as structuring advisor to Adtalem on the ASR agreement.

About Adtalem Global Education

Adtalem Global Education (NYSE: ATGE), partners with organizations in the healthcare and financial services industries to address critical workforce needs by expanding access to education, certifications and large-scale development programs. With a focus on delivering strong outcomes that increase workforce readiness, Adtalem empowers a diverse learner population to achieve their goals and make inspiring contributions to the global community. Adtalem is the parent organization of ACAMS, American University of the Caribbean School of Medicine, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, School of Medicine from Ross University, Ross University School of Veterinary Medicine and Walden University. Adtalem has over 10,000 employees, a network of over 275,000 alumni and serves over 89,000 members in 200 countries and territories. Adtalem was named one of America’s Most Responsible Companies 2021 by Newsweek and one of America’s Best Diversity Employers 2021 by Forbes. Follow Adtalem on Twitter (@adtalemglobal), LinkedIn or visit adtalem.com for more information.

Forward-looking statements

Certain statements in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not relate update, which includes statements regarding the future impacts of the COVID-19 pandemic, as well as vaccine efficacy and delivery, expected synergies from the recent acquisition of Walden, and the ongoing sale of the financial services segment, including including our expected net proceeds and whether the pending sale will close on time, if at all. Forward-looking statements may also be identified by words such as “future”, “believe”, “expect”, “anticipate”, “estimate”, “plan”, “intend”, “may”. , “will”, “would”. ,” “could”, “may”, “continue”, “preliminary”, “interval”, and other similar terms. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements.These risks and uncertainties include the risk factors described in Section 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other documents filed with the SEC.These forward-looking statements are based on information available to us as of the date such statements are made, and we undertake no obligation to update any forward-looking statement, except as required by law. required.