15/05/2015 - 14:16

Navitas buys into Canberra college for $5m

15/05/2015 - 14:16

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Education services provider Navitas has acquired a majority 51 per cent stake in the University of Canberra College for $4.9 million.

Navitas chief executive Rod Jones.

Education services provider Navitas has acquired a majority 51 per cent stake in the University of Canberra College for $4.9 million.

Under the terms of the deal, Navitas and the University of Canberra will jointly own the college and will form a board with equal Navitas and UC representation.

“UCC is already capitalised to an appropriate level to fund expected working capital needs and accordingly it is not envisaged that Navitas will need to contribute additional funds to the university” Navitas said in a statement.

Navitas said the acquisition, to be funded through its existing facilities, would expand UCC’s capacity to recruit more students from a wider range of countries, and would deliver both existing and new programs.

It will continue to provide university pathways, English-language and diploma courses to the estimated 1,300 university pathway students and 900 English language students it caters for each year.

The diploma programs include business, business informatics, communication, design, information technology and science.

Navitas chief executive Rod Jones said the University of Canberra and Navitas both had a strong proven commitment to student experience and academic quality, which would form the basis of the new partnership.

Completion of the acquisition is expected around the end of the month.

Navitas shares were relatively unchanged at $4.84 a share at 2pm.

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