$24m in new acquisitions

Collins Acquisitions has assisted in Childcare centre operator G8 Education Limited (ASX:GEM) acquiring 17 premium centres from vendors in Queensland, New South Wales and Victoria at a total value of $24 million.  G8 says it has contractual arrangements in place with vendors, with acquisitions pending only on customary licensing approvals.  The planned acquisitions will be funded through existing cash and bank facilities and are expected to settle before the end of August. Managing Director Chris Scott says the centres will contribute $6 million in annual pre tax earnings, and are expected to contribute immediately upon settlement. G8 has also announced a 20 per cent increase in its interim dividend, from 10 to 12 cents per share. G8 Education generated a net profit of $19.2 million in its 2012 financial year.