(Australian Associated Press)
Online jobs portal SEEK will pay $119 million to increase its ownership of online tertiary education provider Online Education Services (OES).
SEEK will expand its stake in OES from 50 per cent to 80 per cent by acquiring some of joint venture partner Swinburne University of Technology’s shares in the business.
SEEK co-founder and chief executive Andrew Bassat says the deal will allow multiple education partners to join the OES platform, help develop programs and grow student numbers.
“In just over five years, OES has established itself as a world class provider of online education,” he said.
The platform provides qualifications on behalf of its education partners, the first of which is Swinburne Online, which has more than 9,500 students currently enrolled.
The deal will shrink the Melbourne university’s stake in OES to 20 per cent and SEEK said it will fund the transaction with existing cash and bank debt facilities.
SEEK shares were 10 cents higher at $14.84 at 1115 AEDT.