Elon University and Queens University of Charlotte have signed a formal agreement to merge. Now the institutions will begin seeking all required regulatory approvals to complete the merger, a process that can take several years to finalize.
Three months after the public announcement of their intention to reach an agreement to merge, the trustees of Elon University and Queens University of Charlotte have approved the legal transaction agreement to effect the merger. The agreement is subject to certain closing conditions, including both institutions receiving all necessary regulatory approvals.
Entering into the definitive agreement is a significant milestone for the institutions and sifnifies a commitment to create a dynamic, comprehensive institution that honors the storied legacies of both universities. The work of each institution’s merger sprint teams, which provided valuable insights and historical understanding for the institutions in their diligence process, is now complete.
“The volume and quality of feedback we’ve received from both university communities shows how committed our students, alumni, faculty, staff, parents, and neighbors are to ensuring success of this merger,” said Jim Piatt, Elon’s senior vice president for advancement and external affairs, who co-chaired the merger sprint team with Pamela Davies, Queens president emerita and senior strategy and integration executive. “We will continue to keep everyone informed as the process moves forward in the coming months.”
Answers to common questions about this stage of the process are listed below.
What is the definitive agreement?
The definitive agreement is the formal transaction document that lays out agreed terms lfor a merger between the two institutions. It addresses areas such as the governance and operational structure to be used while waiting on regulatory approvals, and the steps the parties will engage in as required to gain necessary approvals. As a legal agreement between two private entities, the document itself is confidential.
How does the definitive agreement address governance?
The agreement outlines how the institutions will operate during the process of seeking all necessary approvals and when ultimately combined. When the two institutions are merged into one legal entity, its board of trustees will have representation from both Elon and Queens’ existing boards.
What regulatory approvals are required after the agreement is signed?
The parties have worked to identify the necessary approvals from various governmental bodies such as the U.S. Department of Education and accrediting bodies. The accrediting review includes a prospectus and required approval from the principal accrediting body for both institutions – the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) – with subsequent approval required from the U.S. Department of Education. The full merger is not considered complete until federal approval is granted.
What does the definitive agreement not decide?
The definitive agreement does not decide any changes to campus names and does not prescribe prescribe academic programs, curricular changes or specific shared services, by way of examples. Those decisions will be addressed through future campus strategic planning and integration work and subsequent approvals.
Why did the institutions choose this approach to merging?
While awaiting regulatory approvals, the institutions will remain separate entities, providing time to plan thoughtfully. Leaders believe this structure creates flexibility to determine the best long-term outcomes for both universities. This process also aligns with the U.S. Department of Education two-step regulatory approval process implemented in recent years.
What comes next?
The institutions will request required regulatory approvals from various government bodies and accreditors, including SACSCOC, and the U.S. Department of Education.
To learn more about the merger, visit elonandqueens.org.