The Princeton Review will buy Penn Foster Education Group from The Wicks Group for about $170 million in a deal that has the buyer taking on new equity partners.

The deal brings into the listed, New York-based education company’s portfolio three accredited long-distance educational institutions that serve more than 200,000 students in 150 nations.

Penn Foster will become a wholly-owned subsidiary of The Princeton Review when the acquisition is complete; it will operate as a standalone entity of the company. Its current management team is expected to remain in place and Penn Foster’s Scranton, Pennsylvania, headquarters will remain unchanged.

Michael Perik, president and chief executive of The Princeton Review, said the deal gives his firm “instant brand leadership in the fast-growing career education market, offering accessible, affordable and accredited career-oriented programs.”

The Princeton Review took on financing consisting of about $155 million of debt financing and $30 million of equity financing led by Bain Capital Venture Partners and Falcon Investment Advisors.

Goodwin Procter attorneys working on the deal for Princeton Review included, from its M&A team, John Mutkoski, Andrew Goodman, Ben Chaset and James Matarese.

As the Obama administration has sought to push more Americans to college, education companies and their advisors have seemingly taken notice, kick-starting some M&A.

Houghton Mifflin Harcourt Publishing Company’s education technology unit was spun off this summer in an effort to allow the publisher to focus on core operations. Also, special purpose acquisition company Camden Learning Corp. has announced plans to acquire Dlorah Inc., operator of an online university.

Calls seeking comment were not returned by press time.