IDP Education acquires Hotcourses for £35 million

Company News

by David Chau

IDP Education Ltd (ASX:IEL) has entered into a contract to acquire a digital marketing and online student recruitment company, Hotcourses Ltd.

The purchase price was £30.1 million, with an additional £4.9 million representing net cash in the business once the transaction completes on 31 January 2017.

IDP is a student recruitment company and co-owner of IELTS, an English language proficiency test which foreigners must pass in order to obtain certain visas and permanent residency in Australia.  The company is 50% owned by Education Australia Ltd – a business in which 38 Australian universities own a 50.1% stake.

IDP Education posted a net profit of $39.9 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.