Item 2.01. Completion of Acquisition or Disposition of Assets.

On November 3, 2020, LEI AMEA Investments B.V., a Netherlands private limited liability company (the "Seller"), an indirect, wholly owned subsidiary of Laureate Education, Inc. (the "Company"), and the Company, solely as guarantor of certain of the Seller's obligations thereunder, closed the previously disclosed transaction pursuant to the Sale and Purchase Agreement (the "ANZ Purchase Agreement") with SEI Newco Inc., a Delaware corporation (the "Purchaser"), and Strategic Education, Inc., a Maryland corporation (the "Purchaser's Guarantor").

Pursuant to the ANZ Purchase Agreement, the Seller sold to the Purchaser all of the issued and outstanding shares in the capital of (i) LEI Higher Education Holdings Pty Ltd, an Australian private company and the direct owner of Torrens University Australia, (ii) LEI Australia Holdings Pty Ltd, an Australian private company and the indirect owner of Think Education, (iii) LESA Education Services Holdings Pty Ltd, an Australian private company, and (iv) LEI New Zealand, a New Zealand company and the indirect owner of Media Design School (collectively, Laureate ANZ). The Purchaser's Guarantor will guarantee the obligations of the Purchaser. The total purchase price was $642.7 million of cash proceeds, plus certain closing adjustments.

The disposition of Laureate ANZ constituted a significant disposition for purposes of Item 2.01 of Form 8-K, as Laureate ANZ met the significant subsidiary investment test. Accordingly, the pro forma financial information required by Item 9.01 is included at the end of this Current Report on Form 8-K.

Forward-Looking Statements

This Current Report on Form 8-K may include certain disclosures which contain "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or similar expressions that concern our strategy, plans or intentions. Forward-looking statements are based on the Company's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on February 27, 2020, our Quarterly Reports on Form 10-Q filed and to be filed with the SEC and other filings made with the SEC.

Item 9.01. Financial Statements and Exhibits.

(b) Pro Forma Financial Information.

The following financial information is included at the end of this Current Report on Form 8-K and is filed herewith and incorporated herein by reference:

•Unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2020. •Unaudited Pro Forma Condensed Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017.


















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