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Media24 announced today that it has accepted an offer to sell its private education business, Educor

Embargo to 5 pm, 10 October

Following discussions during which Media24 satisfied itself that the two businesses are compatible and that the prospective acquirer agrees with the strategy for Educor going forward, Media24 has concluded an agreement with ICESA Education Services ("ICESA"). ICESA currently operates through approximately 40 private education campuses in mostly Kwazulu Natal, focusing on Further Education and Training. The transaction is subject to a number of conditions precedent, including securing appropriate approvals from the relevant regulatory authorities and the Competition Commission.

Educor is being sold as a going concern and will include the following businesses:

  • Damelin College
  • Damelin High School (60%)
  • Damelin High School (60%)
  • Damelin Correspondence College
  • Intec College
  • Lyceum College
  • City Varsity
Media24 will retain a few specific assets, including the Milpark Business School and an investment in the independent school group Curro.

The parties have agreed not to disclose the detailed terms of the transaction.

For any enquiries:

Hein Brand
Managing Director
Media24
Tel 021 406 2838
Cell 082 413 4002

Fanie Schoeman
CEO
EDUCOR
Tel 021 417 6919
Cell 083 444 8988