The University of Phoenix may be acquired by a public university in Idaho after the school eyes a complete transformation into a nonprofit.

In a sudden announcement made Wednesday morning, the University of Idaho announced plans to create a nonprofit entity comprising the University of Phoenix assets, which would be acquired for about $550 million. The University of Idaho said the move is being paid for by bonds issued by the nonprofit entity. The news also comes as rumors swirled in the industry of a possible sale to the University of Arkansas, but the deal was called off in April. Arizona’s Family CBS affiliate in Boise reports that the Idaho State Board of Education will hold a special meeting on Thursday to consider the proposal. If the deal is approved, it would be completed by early next year.

The University of Phoenix has an undergraduate enrollment of over 69,000 students who, like the online students of Grand Canyon University, will now be affiliated with an institution that has a D1 athletic program for the students to root for and support.