After months of intense speculation, AED announced Wednesday (June 8) it will sell its programs, expertise and other assets to FHI, a global health group on the verge of becoming one of the largest development organizations in the business.
AED’s revenue stream had narrowed significantly in December, when the U.S. Agency for International Development, one of the company’s main donors, temporarily suspended new funding after an audit raised questions about AED’s work in Pakistan and Afghanistan. In March, the Washington-based nonprofit called on interested buyers, generating interest around the globe. Three months later, AED signed an asset purchase agreement with FHI.
Devex spoke with the two men at the heart of the ongoing acquisition process, AED President and CEO Gregory R. Niblett and FHI Chair and CEO Albert J. Siemens, the day after they announced the agreement. In a Devex exclusive, the two spoke candidly about the monumental task ahead as well as the road traveled so far.