Evolve Education Group Limited (ASX: EVO) has announced that it has settled the childcare acquisition originally announced to the market on 4 November 2019.
The acquisition price of the transaction is $7.65 million up front with a further payment of $1.5 million deferred subject to the centre-based Earnings Before Interest Tax and Dividend (EBIT) being no less than $2.5 million for the year ended 31 December 2020.
The upfront purchase price (Upfront) represents 4.2 times EBIT for the twelve months ended 30 June 2019. The company settled the upfront purchase from cash reserves.
The Chief Executive Officer of the Education Group, New Zealand operations (Mr Tim Wong) is a minority shareholder in the vendor.
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