G8 buys five childcare and education centres

Company News

G8 Education Limited (ASX:GEM) has contracted to buy five childcare and education centres for $6.4 million from a number of different vendors.

The childcare and education centre operator says the centres are located in New South Wales and Victoria.

Managing Director Chris Scott says the acquisitions form part of G8’s expansion and will add 453 licensed places to the group. 

The five centres are anticipated to contribute to earnings immediately upon settlement which is expected before the end of April 2013. 

G8 Education reported a net profit of $19.2 million in the first half of the 2013 financial year.