New York, May 24, 2006 – Kaplan, Inc., which is owned by The Washington Post Company (NYSE: WPO), announced today that it has completed its acquisition of Tribeca Learning Limited for approximately A$56 million.  The scheme of arrangement has been formally approved by Tribeca shareholders and the Federal Court of Australia.

 “Tribeca gives Kaplan a leading position in Australia for providing accredited education courses and professional development training to financial institutions and their employees,” said Kaplan International CEO William Macpherson.  “Tribeca is a great fit with the Kaplan portfolio of businesses and we look forward to its continued success.”

Adam Davis, Tribeca’s Chief Executive, said “Joining forces with one of the most significant global players in the field of professional and higher education will enable Tribeca to expand considerably its offer to both corporate clients and individual students.  With Kaplan’s resources and expertise and Tribeca’s leading market position in financial services education, the company is well positioned for its next phase of growth.”

Davis will continue in this role under Kaplan’s ownership.

Shareholders approved the scheme of arrangement on May 5 and the Federal Court gave its approval on
May 9. 

About Tribeca Learning Limited
Tribeca Learning Limited is a leading provider of education to the Australian financial services sector.  Its core business offering comprises the provision of accredited education courses and professional development training to financial institutions and their employees within the financial planning, stockbroking, accounting, self managed superannuation, real estate and mortgage broking markets.  For more information about Tribeca please visit the Tribeca website at www.tribeca.com.au .

About Kaplan
Kaplan provides higher education, professional training, test preparation, services for K12 schools and after-school learning programs.  Kaplan, which had 2005 revenue of more than $1.4 billion, is a wholly owned subsidiary of The Washington Post Company (NYSE: WPO).  For more information about Kaplan, please visit www.kaplan.com .

Contact:
For William Macpherson:
Dick Riley
Vice President, Communications
Kaplan, Inc.
212-492-5941
dick.riley@kaplan.com

Michele Snipe
PR Manager
Kaplan, Inc.
212-492-5941
michele.snipe@kaplan.com

For Adam Davis:
Geoff Michels
Channel Financial Communications
+ 61 2 9221 0008
GMichels@channel.net.au

Printable version