Curro buys school for R157m

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CorporateBusiness

Curro Holdings Limited (COH) on Friday said that it had bought Northern Academy for R157 million and was withdrawing its cautionary.

It advised its shareholders that Business Venture Investments No 1606 Proprietary Limited (which is in the process of changing its name to Campus and Property Management Company)‚ being a 65% subsidiary of Curro and Meridian Community Academy NPC (RF) an associated non-profit company of Curro have entered into agreements to acquire the businesses of the Northern Academy Independent Primary School and the Northern Academy Independent Secondary School‚ together with the immovable property on which the Northern Academy Independent School is currently operated and the ancillary business in connection with the Northern Academy Independent School from various parties by way of separate transactions.

The first transaction comprised the purchase of the immovable property for a purchase consideration of R73.8 million‚ payable in cash to the seller of the immovable property.

The immovable property seller has undertaken to affect further improvements to the property in 2013 and once same has been completed‚ subject to certain conditions‚ a further R7 million will be payable to the immovable property seller in cash.

The balance of the assets acquired‚ including the ancillary business in connection with the Northern Academy Independent School‚ were purchased from each of the sellers thereof for a purchase consideration of R76.2 million‚ payable in cash to such sellers.

Northern Academy was established in 1996 and has developed into a leading community school with 3‚900 learners and 2‚200 residing in the boarding facilities.

The school has consistently achieved a 100% pass rate for their matriculants.

The acquisition is subject to certain conditions precedent‚ warranties and indemnities which are usual to a transaction of this nature. - I-Net Bridge


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