ST GEORGE’S, Grenada, Thursday March 21, 2013 – One of the largest medical schools in the world, St George’s University in Grenada, could fetch more than US$1 billion if sold, according to Reuters.
The international news agency reports that “people familiar with the matter” say the university is speaking to private equity firms about a deal that could end more than 36 years of independence for the university.
One of the four sources, who spoke on condition of anonymity because the talks are confidential, told Reuters the Credit Suisse Group is advising St George’s University on the sale.
Last year, the bank helped arrange a US$250 million loan whose proceeds were partly used to pay the university’s founders a special dividend.
St George’s University, founded in 1976 by Charles and Louis Modica, Edward McGowan and Patrick Adams, generates annual earnings before interest, tax, depreciation and amortization of over US$100 million, the sources said.
Charles Modica serves as both chancellor and chairman of the university’s board of trustees. Louis Modica and Patrick Adams, also sit on the board.
Representatives of St. George’s University and Credit Suisse would not comment.