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September 10, 2013

CIBT sells King George College for CAN$13.5 mn

king-george-international-college.jpgThe PIE (Professionals in International Education) News recently reported on a change of ownership for King George International College.

Canadian-based CIBT Education Group Inc. has agreed to sell its subsidiary King George International College & King George International Business College (KGIC) to Loyalist Group Limited, a consolidator of English as a Second Language companies, for CAN$13.5 million subject to certain adjustments.

CIBT acquired the college for CAN$4.5 million in 2010 in order to improve English language skills of students applying to its degree and career diploma programmes. Under CIBT’s direction, revenue grew from CAN$16.19 million to CAN$25 million and enrolments rose from 5,000 international students to over 8,000 as of August this year.

“This is more than our biggest acquisition to date, it’s a transformative event for our company,” said Loyalist CEO Andrew Ryu in a statement. “…It increases our revenue by approximately 40% and takes us to a size that cements our position as a preferred destination for international students that also attracts a bigger investor base.”

The acquisition is expected to close on or about September 12, 2013. Included in the purchase and sale agreement is the term that CIBT will continue to operate all KGIC operations in China, rebranded earlier this year, as exclusive licensee.

Read the full article from The PIE News.

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