In its largest deal yet, and its first since listing, Stadio Holdings, the tertiary-education unit spun out of private-school group Curro, will acquire Milpark Education for R320m from international education group Apollo Global. "The reasoning behind the acquisition of Milpark was to get hold of a faculty of commerce because [Milpark has] a series of lovely business-inclined qualifications," Stadio CEO Chris van der Merwe said on Friday. The acquisition would use half of the R640m that Stadio was likely to raise in a rights issue now under way, Van der Merwe said. The remainder would be used for further acquisitions and to pay off debt owed to Curro for the Embury Institute for Higher Education. In terms of the deal, Stadio and its black economic empowerment partner, Brimstone, will acquire interests of 70% and 30%, respectively, in a new private company, Milpark Investments. Milpark Investments will acquire 100% of MBS Education, which owns Milpark. "Our broad strategy is to accum...
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