Paul Hastings Advises 2U, Inc. in Acquisition of edX
Washington, D.C. – Paul Hastings LLP, a leading global law firm, announced today that it advised 2U, Inc., a global leader in education technology, in a definitive agreement to acquire substantially all of the assets of edX for $800 million.
Together, 2U and edX will reach over 50 million learners globally, serve more than 230 universities and corporate partners, and offer over 3,500 digital programs on the world's most comprehensive free-to-degree online education marketplace.
Paul Hastings also advised 2U in a $475 million senior secured term loan to partially fund the acquisition. The term loan will mature in December 2024, and bears interest at a rate of adjusted LIBOR plus 5.75%.
The transaction is expected to close within 120 days, subject to customary closing conditions.
The Paul Hastings team advising 2U was led by Washington, D.C. corporate partner Brandon Bortner with partner Richard Radnay and associates Jonathan Simons, Michael Kesler, and Daniel O’Connor advising on M&A matters and of counsel James Shea and associate Taylor Montgomery advising on securities and capital markets matters.
Advice was also provided by partner Holly Snow with associates Joyce Shin, and Megan Craig (Finance); partner Douglas Schaaf and of counsel Amy Lawrence (Tax); partner Eric Keller and associate William McCue (Labor and Employment); partner Jane Song, and associates Laura Yip and April White (IP); partner Sherrese Smith and associate John Gasparini (Data Privacy and Security); partner Charles Patrizia (Regulatory); and associates Talya Hutchison and Mary Rogers (Trade Controls).
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.