The for-profit university operator Laureate Education has purchased the financially struggling National Hispanic University, reports the San Jose Mercury News.

Juan Necochea, provost at the 600-student campus in East San Jose, Calif., said the deal “will allow us to become a Latino powerhouse in education.”

Laureate, a $3.5-billion firm in Baltimore that owns more than 50 accredited colleges, plans to add up to 8,000 online students in five years at National Hispanic University. Mr. Necochea said company executives assured him they want to strengthen the 29-year-old school’s mission of serving primarily Latino students.