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The Associated Press November 11, 2011, 9:02AM ET

Former GE CEO Jack Welch agrees to sell institute

The Jack Welch Management Institute, founded by the former General Electric chairman and CEO, is being acquired by Strayer Education.

Strayer plans to offer online executive master's of business administration degrees with the opportunity to learn real-world lessons from Welch, the company said Friday.

Welch's school was launched in 2009 as part of Cleveland's Chancellor University, which is participating in the deal. Terms were not disclosed, but the acquisition is expected to close before the end of the year.

"Jack's experience and success in the business world serves as a solid foundation for the executive MBA program and will expand our corporate training offerings," Strayer Education Chairman and CEO Robert Silberman said.

Welch, who has taught business at the Massachusetts Institute of Technology, started the Jack Welch Management Institute after he retired from General Electric Co.

"Combining with Strayer University gives the institute the educational foundation, the reach, and resources to achieve this vision," Welch said.

Strayer Education Inc., based in The Herndon, Va., is a publicly traded holding company that runs Strayer University. The college offers undergraduate and graduate degrees at 92 campuses 22 states and Washington, D.C. It offers courses at physical campuses and online.

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