; (2) the institution has not acquired any other institution of higher education (as defined in section 102), or a significant portion of the assets of such other institution, for more than the value of such other institution or such assets, respectively, as determined in accordance with subsection (d); and (3) in the case of an institution that has been acquired by another party, such institution is not controlled by such party. (c) Transition period A for-profit institution of higher education approved for conversion under subsection (a) shall be subject to any rules and regulations that apply to for-profit institutions of higher education, as defined in section 102(b), for a minimum 5-year period after conversion, which may be extended by the Secretary if the Secretary identifies a reason for concern relating to the institution’s converted status. (d) Value The term value , with respect to an acquisition under subsection (b)(2)— (1) includes the value of any ongoing relationship (including any contract, agreement, lease, or other arrangement between the acquiring institution and the acquired institution) between affiliates, as defined in section 180.905 of title 2, Code of Federal Regulations, as in effect on the date of enactment of the PROTECT Students Act of 2019 ; and (2) may be demonstrated through— (A) third-party valuation; (B) independent financing of the acquisition based upon the assets acquired