Consumer Services M&A » By The Online Investor Staff, updated Fri., Apr. 26, 3:30 AM
Recent mergers and acquisitions in the Consumer Services M&A category.
Slide #18. Loyalist Group Limited — King George International College & King George International Business College
Acquirer: |
Loyalist Group Limited (LOY.CA) |
Acquiree: |
King George International College & King George International Business College |
Details: |
CIBT Education Group Inc. (TSX: MBA/U.S OTCQX:MBAIF) ("CIBT" or "Company") is pleased to report that it has signed a definitive agreement with Loyalist Group Limited ("Loyalist") (TSXV.LOY) to sell one of CIBT's subsidiaries, King George International College & King George International Business College (collectively "KGIC"), for $13.5 million, subject to certain adjustments. The purchase price in this all cash transaction is payable in two installments, $9.5 million on closing and $4 million six months from the closing date. Closing is expected to occur shortly. Included in the purchase and sale agreement is a binding term sheet setting out the material terms of a business arrangement between Loyalist and CIBT under which CIBT will continue operating all KGIC operations in China as exclusive licensee. |
Loyalist Group owns and operates private education schools both in Toronto and Vancouver offering (i) English as a Second Language Courses for international students; (ii) Training programs for teachers, commonly known as TESL; (iii) Professional Development Courses; and (iv) Corporate English for Professionals.
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April 26, 2024 3:30 AM Eastern
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