A college in the northeastern city of Cazenovia near Mexico City has agreed to pay $300,000 to acquire a company called the University of the West of Cuzco.
The agreement is one of a handful of high-profile acquisitions by university and technology companies that have occurred since the start of the year, according to the Associated Press.
The university will receive about $50 million from the deal, which is also contingent on the U.S. government’s support for the acquisition, according a statement from the university.
The deal was announced last month by U.N. Secretary-General António Guterres and Cazán University President Jose Luis Mancilla.
Cazancán is home to the University de los Andes in the central state of Jalisco, the University Of the West Of Cuzcom in Jalisco state and the College of the Americas in Cuzcos state.
The AP first reported on the deal on Dec. 14.
The purchase is expected to be completed by the end of the first quarter of 2019, according the statement.