Thursday, May 19, 2022

Delaware State University Becomes First HBCU to Acquire Another College

EURweb.com
Delaware State University and Wesley College officials via Twitter

*Delaware State University (DSU) has become the first HBCU to acquire another college. 

As reported by Black enterprise, “DSU has purchased Wesley College and will take over the 50-acre campus in Dover as well as capital assets worth about $32 million,” the outlet writes. 

The package deal comes with 14 new academic programs, according to the report. No money was exchanged in the sale, which “was made possible by several financial boosts in the past year,” according to The College Post.

Here’s more from the outlet:

The former Wesley campus in Downtown Dover will become the new Wesley College of Health and Behavioral Sciences in honor of the private liberal arts colleges’ history and legacy. It will host the nursing, occupational therapy, social work, and health programs from both schools.

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“I’m very excited about what this prospect brings for more students who need an open door, just need an opportunity to change their economic trajectory for themselves, their families, and their communities,” said Tony Allen, the President of DSU.

Former president Harry Williams called the acquisition “an unprecedented landmark in the long history of HBCUs.”

“This is a historic moment,” Allen said in a statement. “In our view, that point is noteworthy, but it is not the reason this is such an attractive opportunity. To serve more students who need our brand of excellence, education, and care, we needed to increase the size of our footprint, build on our key academic programs, grow our research base and enhance our economic impact on the State of Delaware.  We could not be any more pleased about adding the incredible Wesley brand legacy, so many continuing students, and dozens of dedicated employees to our own family.”

Philanthropist Mackenzie Scott (ex-wife of Amazon’s Jeff Bezos) gifted DSU $20 million, the largest single gift that the institution has ever received. The acquisition of Wesley was also made possible via a $1 million donation from the Longwood Foundation; and another $1 million from TikTok’s Health Heroes Relief Fund, per the report.

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Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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