G8 Education Limited
(ASX:GEM) has announced the acquisition and settlement of a childcare centre in Ormond Victoria for $2.4 million.
The acquisition of the new centre was funded from G8’s current cash reserves, with $2 million payable upon settlement.
The balance of the acquisition price is conditional on the centre achieving its pre tax and interest earnings target in the 2013 financial year.
Managing Director Chris Scott says the acquisition of the additional centre provides G8 Education the opportunity to further expand its presence in Victoria.
G8 Education reported a net profit of $6.8 million in the 2012 financial year.
