Navitas to acquire SAE Group
Published: MEA
WORLD: Australian global education services provider Navitas has entered into an agreement to acquire 100 per cent of SAE Group (SAE), owners of the SAE Institute and Qantm College.
The deal is worth US$288 million and will be funded by new debt facilities and a fully underwritten institutional equity placement. In addition, Navitas will offer a Share Purchase Plan to eligible shareholders at the same price as the institutional placement.
Founded in Australia in 1976, SAE has expanded to become one of the world’s largest media technology training institutes, with 47 campuses in 19 countries. SAE has operations across Australia as well as an established presence in Germany, the US and UK and operations in South Africa, Dubai, Singapore, New Zealand and much of Europe. SAE offers a range of post secondary education opportunities to approximately 8,000 students across three major fields of study; audio production, film production and interactive media.
‘Over three decades SAE has built a global reputation as a high quality provider of creative and new media education and, as a leader in its field, SAE is well positioned to take advantage of the increasing global demand for skills based training in these areas,’ said Navitas CEO Rod Jones. ‘Navitas and SAE share a commitment to quality educational outcomes for students and are both equally focused on strong organic growth within their respective fields. SAE will continue to be driven by its existing management team and will maintain its pioneering approach and culture.
‘Education and skills training is a business we excel in and we are confident that we can add value to SAE within the Navitas Group,’ concluded Mr Jones.
The acquisition is subject to certain conditions including approvals from regulatory bodies in key geographies. Subject to the successful satisfaction of these conditions it is expected that the acquisition will be finalised by 31st January 2011.