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(Alliance News) - Georgia Capital PLC said Monday it has agreed to acquire an 80% interest in Buckswood International School in Tbilisi.
Buckswood is a mid-level school that provided education in the Georgian curriculum to around 730 learners from preschool to 12th grade.
The deal consideration has not been disclosed, however, as part of the deal, Buckswood has acquired a 5,000 square metre plot of land adjacent to its current campus for USD1.1 million to increase its maximum capacity to 1,000 learners.
Once the acquisition by Georgia Capital is completed, Buckswood will look to expand its existing campus, and acquire another campus in Tbilisi to further grow its maximum capacity to 2,200 learners by 2021.
Georgia Capital expects that GEL19 million, or USD6.7 million in capital expenditure, will be required to finance this expansion, of which a maximum of GEL11 million will be equity contributed by shareholders, and the rest debt-financed.
"I am very pleased to announce our second partnership agreement in the education sector, with Buckswood International School. With this acquisition, we are expanding beyond premium schools and establishing our presence in mid-level segment through one of the leading schools in the country. Buckswood is a well-managed, successful business with a solid reputation and high growth potential," said Chair and Chief Executive Officer Irakli Gilauri.
Shares in Georgia Capital were up 0.8% at 1,028.00 pence on Monday in London.