Navitas buys US media college
UPDATE 2.20pm: Navitas says it will buy a US media college for $US13 million.
The company said it would use undrawn debt facilities to buy Ex'pression College, a California-based creative media college which offers audio technology diplomas.
Navitas said the acquisition would double the number of colleges in the state of California to four and potentially expediting accreditation of further higher education programs in both California and other states.
Ex'pression College was founded in 1998 and has two campuses in Emeryville near San Francisco and San Jose in the heart of Silicon Valley.
The college offers six Bachelor degree programs and has about 550 full time equivalent students enrolled.
Navitas chief executive Rod Jones said the acquisition would provide subsidiary SAE Institute Group with a significantly expanded footprint in the key California market and help facilitate the ongoing accreditation process to increase the number of SAE courses and qualifications in that state, as well as across the US.
"Australia is one of SAE's largest markets but California has more post-secondary students and a higher GDP than Australia, therefore presenting some very interesting growth opportunities," he said.
Navitas shares closed up four cents at $7.19.
