MILAN – Galileo Global Education has signed an agreement to acquire two Italian fashion schools and a Cypriot university from Laureate Education Inc. The operation was valued 225 million euros. The schools are the Nuova Accademia di Belle Arti, better known as Naba, and Domus Academy.
Both are located in Milan and specialized in fashion, design and the visual arts. The group has also acquired the European University Cyprus, or EUC, which is specialized in medicine.
Galileo Global Education has more than 54 institutes in its portfolio, including the Istituto Marangoni fashion and design school, which has branches in Milan, Florence, London, Paris, Shanghai, Shenzhen, Mumbai and Miami.
Following the acquisition, the group will establish the Gruppo Galileo Italia, which will group the three Italian institutes under its umbrella. Roberto Riccio, Istituto Marangoni’s chief executive officer, has been named ceo of the new company.