SEEK pays $118.5M to boost its ownership of OES

21/03/2017 09:30:00

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SEEK Ltd (ASX:SEK) has signed a deal to invest $118.5 million in Online Education Services (OES) – boosting its stake from 50% to 80%.

After this deal, Swinburne University of Technology’s stake in OES will drop from 50% to 20%.

OES is a joint venture between SEEK and Swinburne, and provides online education to the 9,500 plus students currently enrolled.

OES will be consolidated into the SEEK Group’s financial statements, and the transaction is expected to be earnings per share accretive in FY18.

Yesterday, SEEK shares closed 1.49% higher at $14.96.