Rider University has pushed through the sale of Westminster College for $40 million:
Rider University’s Board of Trustees announced today it has signed a non-binding term sheet with Beijing Kaiwen Education Technology Co., Ltd, a Chinese firm that owns the Kaiwen Academies, two prominent K-12 international schools in Beijing, for the transfer of ownership of Westminster Choir College, Westminster Conservatory of Music, and Westminster Continuing Education. This major step forward will ensure that the choir college and its entities remain open in Princeton, NJ.
That is what they want you to know.
What they don’t want you to know is that Kaiwen changed its name two months ago from Jiangsu Zhongtai Bridge Steel Structure Company, as it entered negotiations with Rider. Until then it had no background in education.
Rider’s president was so desperate to be show of Westminster that very little diligence was done into the buyer.