<p>MIIS and Middlebury College announced an agreement Friday that calls for Middlebury to acquire the 700-student graduate school by the end of the year. </p>
<p>"The affiliation... will allow both of our institutions to take a significant step forward in our commitment to leadership in international education," Middlebury President Ronald Liebowitz said in a prepared statement.</p>
<p>MIIS has four graduate schools and Middlebury predominately serves undergraduate students. Both schools have strong foreign-language and overseas-study programs.</p>
<p>Officials at both schools said the affiliation will build on each school's strengths. In time, the connection will provide opportunity for MIIS to attract graduate students from Middlebury and possible student and faculty exchange programs.</p>
<p>The only thing I can figure is that Middlebury must be planning to expand their summer language programs and use the buildings as a new site.</p>
<p>Otherwise, there's not much to buy. The Monterey Institute has zero endowment and virtually no assets: $37 million in real estate versus $24 million in debt. Significant operating losses in recent years.</p>
<p>I take it at face value - they see themselves as a leader in international education (among LACs at least) and this is a way to extend their base further. Monterey's main asset (and a huge value) is in the intangibles, an already established international reputation. To try to establish that from scratch would be very difficult (and costly!) indeed.</p>