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CIBT Education Group Inc Sells One Of Its Subsidiaries For $13.5 To Million Loyalist Group Ltd


Tuesday, 3 Sep 2013 09:05am EDT 

CIBT Education Group Inc announced that it has signed a definitive agreement with Loyalist Group Limited to sell one of CIBT's subsidiaries, King George International College & King George International Business College (collectively KGIC), for $13.5 million, subject to certain adjustments. The purchase price in this all cash transaction is payable in two installments, $9.5 million on closing and $4 million six months from the closing date. Closing is expected to occur shortly. Included in the purchase and sale agreement is a binding term sheet setting out the material terms of a business arrangement between Loyalist and CIBT under which CIBT will continue operating all KGIC operations in China as exclusive licensee. 

Company Quote

0.475
-0.02 -4.04%
29 Aug 2014