Act Partners with Nexus Capital Management Lp

The nation's second-largest for-profit education company is being bought by a private equity firm in a deal said to be worth more than $5 billion, the Wall Street Journal reports.

Under the agreement with Nexus Capital Management, ACT Inc.

will acquire Encoura, a data science and research organization fully owned by ACT.

The combined company will be known as ACT.

"The need to prepare learners for success after high school for both standardized college and workplace outcomes has never been higher, nor has the need to ensure that every learner has access to guidance, and insights," ACT CEO Janet Godwin says in a press release.

ACT is best known for its standardized tests, including the SAT and the ACT.

The deal is expected to close by the end of the year.

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