A subsidiary of Navitas Ltd, formerly IBT Education Ltd, has continued its rapid growth by acquiring the University of Melbourne's Hawthorn English Language Centre for $4.73 million.
In a statement to the stock exchange today Navitas said it had entered in to an agreement to buy the HELC from UMEE Ltd, a wholly owned subsidiary of the University of Melbourne.
The deal comes on the heels of an agreement signed with the University of Manitoba to establish Navitas' second college in Canada.
Navitas chief executive officer Rod Jones said the acquisition would add to bottom line growth and was a good outcome for shareholders.
"This is an excellent opportunity to purchase one of Australia's most respected English language colleges which is associated with the prestigious University of Melbourne and to add to bottom line growth," Mr Jones said.
Navitas said HELC was an English language college of significant size that provided English programs for international students to gain the required level of English proficiency for successful entry to the University of Melbourne.