The directors of G8 Education Limited announced the settlement of Mary Poppins, Peppercorn & Smart Care Childcare and Education Centres. The three centres are located in Victoria . The transaction was originally announced to the ASX on 11 June 2013.
The purchase price for the three centres was $5.3 million including transaction costs which represents 4 times anticipated EBIT for the 12 months post settlement. $4.9 million was paid at settlement and a further payment of $0.4 million is conditional upon the centre based EBIT target being achieved in the 12 months post settlement.
The acquisition was funded from existing cash reserves.