Think Childcare Group has confirmed that it is being acquired by Busy Bees Early Learning Australia in a deal that values the Sydney-based operator at around A$195 million (£105.8 million), The Sector has reported.
Busy Bees will pay Think shareholders A$3.20 per share, with shareholders also receiving a A$0.08 fully franked interim dividend subject to the finalisation of the interim results to 30 June 2021.
Think operates 83 long day care centres and has as a significant development pipeline of a further 26 centres.
Busy Bees Early Learning Australia chief executive Robert Hughes said: “We are delighted to partner with Think Childcare and welcome it to the Busy Bees family. Think Childcare is a high-quality business and offers Busy Bees a compelling opportunity and platform for continued growth, whilst strengthening our global portfolio and bringing further talent into the Busy Bees business. We are very impressed by Think Childcare’s track record and believe the business’s vision and core values are consistent with our own, and we are committed to continued growth to enable more children the opportunity to have the best start in life.”
The transaction is expected to complete in early October.
Date published: 1 July 2021