Strayer Buys Jack Welch Management Institute

Strayer Education, Inc., on Friday announced its purchase of the Jack Welch Management Institute, an online business college that is part of the financially struggling Chancellor University, a for-profit institution in Cleveland. Welch, the former chairman and CEO of General Electric, created the college in 2009 with a $2 million minority stake in Chancellor. He is reportedly buying his share back to transfer the school to Strayer. Michael Clifford, a sometimes controversial investor in for-profits, launched Chancellor in 2008 on the platform of the ailing Myers University. Strayer will pay about $7 million for the business college, Reuters reported.