LAWRENCEVILLE, N.J. – A New Jersey university is selling its music college to a Chinese company.
Lawrence-based Rider University had announced in February that it had a non-binding, $40 million deal in place to sell Westminster Choir College in Princeton to Kaiwen Education.
The school announced Thursday that it has signed a purchase and sale agreement with three entities that Kaiwen formed for the deal, including a non-profit to operate the school. Rider says the price is still $40 million but now subject to unspecified “transaction adjustments.”
Rider says Beijing-based Kaiwen will invest $16 million into the choir college over a five-year period.
The deal is expected to close by month’s end.
Rider’s decision to seek a buyer for the school had spurred protests by students and faculty, as well as legal challenges.