The University of Northern Iowa (UNI) is planning on buying the university bookstore from University Book & Supply, Inc. (UBS).

The two have signed a letter of intent and the Iowa Board of Regents will consider the request at their December 6 meeting.

Kathleen Hesse, UBS president, said UNI and UBS have been working together for 80 years.

“When it came time to sell the business, all the stockholders agreed that the university would be the best buyer to continue serving the students, faculty and community,” Hesse said.

Michael Hager, senior vice president for finance and operations at UNI said there were two main reasons the acquisition is a fit for the university.

“Students will continue to have convenient access to the textbooks and course materials necessary for their educational experience. With UNI owning the bookstore it will operate as a not-for-profit entity, which will offer UNI students the lowest possible pricing every year. Taking advantage of this opportunity is another element of the ongoing UNI initiative of providing a high-quality education at a reasonable cost,” Hagar said.

Hager said keeping the ownership and control of the business in the Cedar Valley is also important.

The bookstore is being sold for $2.4 million, plus inventory costs at the time of closing.

The university will not be using general education funds for the purchase.

UNI expects the transaction to be complete by March 1, 2018.