Arowana International
(ASX:AWN) has announced it has signed a share sale agreement with the Evolution Group of companies for the purchase of its wholly owned subsidiary, Evolution Academy, for $8 million.
Evolution Academy is a Perth-based registered training organisation that specialises in delivering courses in traditional construction related industries.
The acquisition is complementary to Arowana’s recent purchase of Brisbane based Keystone Training for $2 million in July of this year.
Both acquisitions form part of Arowana’s broader strategy of rebuilding a vocational education group.
Arowana International reported a net loss of $31 million at 30 June 2016.
