Busy Bees acquisition of Think to proceed as implementation agreement executed
Think Childcare has confirmed that the proposed acquisition of its businesses by Busy Bees Early Learning Australia Pty Ltd (Busy Bees) will proceed in a deal that values the Sydney based operator at around $195 million.
Busy Bees will pay Think shareholders $3.20 per stapled security (share) under the scheme of arrangement but shareholders will also receive a $0.08 fully franked interim dividend subject to the finalisation of the interim results to 30 June 2021.
“We are delighted to partner with Think Childcare and welcome it to the Busy Bees family,” Busy Bees Early Learning Australia CEO Robert Hughes said.
“Think Childcare is a high-quality business and offers Busy Bees a compelling opportunity and platform for continued growth, whilst strengthening our global portfolio and bringing further talent into the Busy Bees business.”
The acquisition of Think’s 83 long day care centres will see Busy Bees’s operations more than double in size to around 140 centres with a significant development pipeline consisting of a further 26 centres also secured as part of the acquisition.
“We are very impressed by Think Childcare’s track record and believe the business’ vision and core values are consistent with our own, and we are committed to continued growth to enable more children the opportunity to have the best start in life,” Mr Hughes said.
The transaction is expected to complete in early October 2021 with the next key milestone being the first court hearing in early August 2021.
To read the full implementation agreement please click here.