(Reuters) - The Princeton Review Inc, best known for providing preparation guides for competitive exams like the SAT, GRE and GMAT, said it sold its test preparation business to focus on its online education unit.
The company said it sold assets of its Higher Education Readiness Division to an affiliate of Boston-based private equity firm Charlesbank Capital Partners for $33 million.
Princeton Review, which will serve as a holding company for its online education unit, Penn Foster, will adopt a new corporate name, it said in a statement.
Shares of the Framingham, Massachusetts-based company were trading up 36 percent at $0.165 in pre-market trade on the Nasdaq. They closed at $0.121 on Monday.
Reporting by Kartick Jagtap in Bangalore; Editing by Don Sebastian