New Jersey university selling music college to Chinese firm

LAWRENCEVILLE, N.J. — A New Jersey university is selling its music college to a Chinese company.

Lawrence-based Rider University had announced in February that it had a non-binding, $40 million deal in place to sell Westminster Choir College in Princeton to Kaiwen Education.

The school announced Thursday that it has signed a purchase and sale agreement with three entities that Kaiwen formed for the deal, including a non-profit to operate the school. Rider says the price is still $40 million but now subject to unspecified “transaction adjustments.”

Rider says Beijing-based Kaiwen will invest $16 million into the choir college over a five-year period.