Private higher education group Stadio has increased its stake in Milpark Education to 83.1% after buying Brimstone Investment Corporation’s 12.8% share for R117.5m.
The acquisition follows the purchase of 1.9% of Milpark from minorities for R15.4m earlier in December.
“Shareholders are further advised that the agreement does not contain any conditions precedent and that the acquisition will be implemented on or about January 31 2024,” the company, valued at R4.3bn on the JSE, said on Friday of the deal with Newshelf 1404, a wholly owned subsidiary of Brimstone.
Milpark Education was established in 1997 and offers distance learning and online higher education, focusing on business, commerce, accounting, finance, insurance and banking qualifications.
Brimstone said it had “identified assets that it believes can be disposed of at acceptable valuations without jeopardising” its long-term strategy that the sale proceeds will be used for the group’s “funding obligations in the near to medium term”.
In its interim results statement in August, Stadio said the education group sees even more room for student growth as it aims to enrol 56,000 students by 2026. Less than 40% of matriculants gain places at government universities, providing it with a big pool of potential students, it added.
It now has almost 100 accredited courses on offer, including law, policing, film, IT, architecture, education and chartered accounting.
The company, which owns brands such as AFDA, Milpark and Lisof, was spun out of PSG-controlled private schools business Curro in 2017. Stadio is focused on offering affordable university and other tertiary courses via online tuition and physical campuses.
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