Bambuu acquires another five childcare centres
BAMBUU has agreed to vary its Memorandum of Understanding with Sunbay to include another five currently operating leasehold childcare centres.
The agreement, covering the acquisition of Kids Campus Holdings, now encompasses 19 centres for a total purchase price of about $13.25 million.
It remains subject to the same conditions and price structure including the purchase price to be satisfied by a combination of 45 per cent cash and 55 per cent in ordinary shares in Bambuu at a deemed issue price of 30 cents a share; due diligence by Bambuu on KCH and the centres and Bambuu obtaining funding for the cash component of the purchase price.
Settlement of the acquisition will bring total centres under Bambuu ownership to 56. Of those, 16 centres are being developed and are expected to come online through 2004.
