July 30 (Bloomberg) -- The Princeton Review agreed to be acquired by Tutor.com, a unit of Barry Diller’s IAC/InterActiveCorp, to bolster its test preparation services.
Tutor is buying the company from Charlesbank Capital Partners LLC, a Boston-based private equity firm. Terms weren’t disclosed. After the purchase is completed, Tutor and the Princeton Review will be run by Mandy Ginsberg, the current chief executive officer of Tutor.
The purchase gives Tutor a top college-admission services company that coaches millions of students through online resources and more than 150 print and digital books, the companies said in a statement yesterday.
The transaction is expected to be completed next month and the combined business will become part of the Match Group at New York-based IAC.
Shares of IAC, which is scheduled to report second-quarter earnings today, rose 0.3 percent to $66.76 yesterday in New York. They have dropped 2.8 percent this year.
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