HERNDON, Va., Jun 13, 2014 — K12 Inc., a technology-based education company and leading provider of proprietary curriculum and online school programs for students in pre-K through high school, today announced it has completed the sale of select businesses to Safanad Education Ventures Limited (Safanad Limited). These businesses will be led by Ronald J. Packard, the founder and former Chief Executive Officer of K12 Inc. Additionally, Mr. Packard has resigned from the Board of Directors of K12 Inc. in order to direct his full attention to this new company. The Company and the Board thank Mr. Packard for his vision and many years of dedicated service in making K12 a leader in online education. Signal Hill advised K12 Inc. on the transaction.
The select businesses consist of K12’s post-secondary business; K12’s interest in an existing Middle East joint venture currently operating with a Safanad Limited affiliate; and a private international brick and mortar school.