2U and Trilogy Education are both trusted partners to universities, helping them deliver life-changing outcomes to students by delivering quality learning experiences and career services support. More than 20,000 working adults from a multitude of backgrounds, educational levels, and cities have enrolled in Trilogy-powered programs since inception, creating stronger, more resilient regional workforces.
Under the terms of the merger agreement, the $750 million purchase price consists of $400 million in cash and $350 million in newly issued shares of 2U common stock. 2U has secured committed debt financing for a $250 million senior secured term loan facility from Owl Rock Capital, which combined with the company's cash on hand, will fund the entire cash portion of the purchase price.
The acquisition has been approved by the boards of directors of both 2U and Trilogy Education. It is subject to regulatory approvals and other customary closing conditions and is expected to close in the next 60 days. The transaction is not subject to any shareholder votes.
Trilogy Education’s team members are the foundation of the company’s success to date, and 2U expects to retain substantially all current Trilogy employees and enter into new employment agreements with key members of the management team.
Christopher "Chip" Paucek is the co-founder and CEO of 2U, Inc. (Nasdaq:TWOU), described by Forbes Magazine as the “nation’s leading provider of software for universities” delivering digital higher education at scale.
Paucek's innovative work at 2U has earned him many accolades, including the Ernst & Young Entrepreneur of the Year Award in 2012, the Goldman Sachs 100 Most Intriguing Entrepreneurs Award in 2013, and multiple Highest Rated CEO awards from Glassdoor. In 2017, Paucek was named among America's best chief executives by Institutional Investor magazine, ranking third among mid-cap technology, media, and telecom companies. He is a leading voice and speaker on entrepreneurship and the global education and technology landscape.
Dan Sommer is the CEO and Founder of Trilogy Education, the world’s leading workforce accelerator. Trilogy has rapidly grown under Dan’s leadership since its launch in 2015, empowering 46 top universities to upskill nearly 20,000 working adults in high-demand tech fields and closing the digital skills gap for over 2,000 companies globally.
Prior to Trilogy, Dan served as President of Global Education at Zeta Interactive and as CEO and Chairman of Study Interactive. Dan’s previous entrepreneurial successes include Zustek Corporation (acquired by Zeta Interactive), where Dan served as a Founding Executive and Limited Partner, and social media marketing firm Caridan Marketing Labs (acquired in 2010 by XL Marketing), where Dan served as Founder and CEO.