Wednesday 17th December 2014
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Intueri Education Group, New Zealand's largest private training college, will buy the remaining half of Online Courses Australia Group that it doesn't own for an initial payment of $14 million and the remainder based on next year's earnings.
The total acquisition price will be 5.75 times the Australian online educator's 2015 earnings before interest, tax, depreciation and amortisation and will be funded from the Auckland based company's debt facilities, it said in a statement. Intueri acquired its initial interest in March, and said "significant outperformance" led it to a complete takeover.
"The consolidation was a natural next step," Intueri chief executive Rob Facer said. “We are excited by the ongoing growth potential and capability that OCA brings to the group, which will help underpin the realisation of a number of our strategic goals across a range of key areas."
Earlier this month, the education provider bought Academy Group NZ for an initial payment of $4 million and the balance on completion of the target's 2015 accounts, adding courses for pharmacy technicians, florists, motor trades and building.
Intueri listed on the New Zealand stock exchange in May, and expanded its course offerings by buying the New Zealand based education provider Quantum Education Group. The shares last traded at $2.75, having floated in the initial public offering at $2.35 apiece.
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