Herndon-based education company Strategic Education Inc. announced Wednesday it will acquire Laureate Education’s Australia and New Zealand academic operations for $642.7 million in cash.

The acquisition will allow Strategic Education to expand outside of its U.S. operations, which currently includes online Capella University and Strayer University, as well as coding schools DevMountain, Generation Code, Hackbright Academy and The New York Code + Design Academy. Strategic Education will acquire Laureate’s portfolio of Torrens University Australia, Think Education and Media Design School — adding more than 19,000 students, bringing the company’s total footprint to 110,000 online students in more than 85 countries.

“By combining our expertise in digital education with Australia’s only investor funded university, we will create a formidable growth platform that will enable us to pursue our mission of enabling economic mobility throughout the Oceania and Asian regions,” Strategic Education CEO Karl McDonnell said in a statement. “We are additionally pleased that this transaction will be immediately, and significantly, accretive to Strategic Education earnings.”

The transaction is subject to closing conditions and regulatory approvals, but is expected to close by the first quarter of 2021. SunTrust and Bank of America have also agreed to expand Strategic Education’s existing revolving credit facility from $250 million to $350 million, according to the company.

The online education provider reported nearly $1 billion in revenue last year at $997.1 million.

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