Maddocks advises Swinburne University of Technology on $118 million online education deal
The deal sees SEEK purchase a greater stake in Online Education Services
Tuesday 21 March 2017
Maddocks has advised Swinburne University of Technology (Swinburne) on a deal that will see SEEK (ASX:SEK) purchase a greater stake in Online Education Services, a joint venture between the university and the online employment and recruitment site.
Online Education Services, a 50/50 joint venture between Swinburne and SEEK, provides education qualifications online on behalf of education partners. There are currently more than 9,500 students enrolled.
Under the $118 million deal announced yesterday, SEEK will increase its stake in Online Education Services from 50 percent to 80 percent by acquiring 30 percent of Swinburne’s previous 50 percent, taking the parties to 80:20. The deal values Online Education Services, which was established with a $5 million investment from each of Swinburne and SEEK in 2011, at over $350 million.
The Maddocks team assisting Swinburne’s COO Andrew Field, Head of Strategy and Commercial David McCall and General Counsel Tom Rowan is led by partner Rob Gregory and includes senior associate Viviane Karoumbalis and associate Georgia Hunt.
Rob said the firm’s role on the matter showcased Maddocks’ sector expertise.
‘This matter draws on our strong expertise in both the technology and education sectors to work with Swinburne’s team to assist it achieve this result,’ Rob said.
‘We are pleased to be able to assist our long-standing client Swinburne in this important matter.’
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