| NEW YORK, March 18
NEW YORK, March 18 Grenada's St. George's
University, which came to prominence in 1983 when U.S. President
Ronald Reagan sent in troops to evacuate American students
following a military coup, is up for sale, people familiar with
the matter said on Monday.
The university is speaking to private equity firms about a
deal and is hoping to fetch more than $1 billion, said the four
sources, who spoke on condition of anonymity because the talks
A sale could end more than 36 years of independence for the
university, one of the largest medical schools in the world.
Credit Suisse Group AG is advising St. George's
University on the sale, one of the people said. Last year the
bank helped arrange a $250 million loan whose proceeds were
partly used to pay the university's founders a special dividend.
St. George's University, founded in 1976 by Charles and
Louis Modica, Edward McGowan and Patrick Adams, generates annual
earnings before interest, tax, depreciation and amortization of
over $100 million, the sources said.
Representatives of St. George's University and Credit Suisse
did not respond to requests for comment.
In 1983 a Marxist coup led to the overthrow of Prime
Minister Maurice Bishop and the United States launched Operation
Urgent Fury in which about 6,000 American troops invaded Grenada
to evacuate nearly 1,000 Americans, mostly medical students
attending St. George's University.
The students returned to the United States unharmed but 19
American servicemen lost their lives in combat. Temporary
classes took place in New York and New Jersey and another campus
was established in Barbados before the Grenada campus re-opened
in 1984, the same year democratic elections were held on the
Charles Modica serves as both chancellor and chairman of the
university's board of trustees. Louis Modica and Patrick Adams,
also sit on the board.