Shares in Affinity Education Group Limited
(ASX:AFJ) rose more than 5 per cent yesterday after announcing it has bought eight of the group’s managed centres for $17.8 million.
The provider of education and child care services has seen its stock gain more than 13 per cent this year as its total number of owned centres grows to 152.
Affinity expects to tie up the purchases in the first quarter of this year and says the latest acquisitions will be earnings accretive upon settlement as the centres are currently managed by the group.
CEO Justin Laboo says further managed centre opportunities remain of interest to Affinity and the company continues to assess and pursue a range of opportunities.
Affinity Education Group reported a net loss of $5 million in the first half of the 2014 financial year.
