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Education Corporation of America (ECA), a privately held for-profit chain, will buy all 38 Kaplan College campuses. Kaplan Higher Education will continue to operate its Kaplan University and eight professional schools.

Terms of the deal were not released. But both sides said the all-stock transaction would give Kaplan a "preferred equity interest" in ECA. The 38 Kaplan College campuses currently enroll 12,500 students. The campuses lost $12.5 million last year, according to a corporate filing, and had a total revenue of $275 million. ECA operates Virginia College, Golf Academy of America, Ecotech Institute and New England College of Business. Virginia College is the largest, with 27 campuses and online programs, mostly in the Southeast.

"The combined ECA footprint, after the transaction closes, will include more than 70 career-oriented campuses and online programs across 20 states, serving approximately 30,000 students," the company said in a written statement.