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CIBT Education Group Inc Announces Sale Of Subsidiary For $13.5 Million


Tuesday, 3 Sep 2013 09:00am 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. 

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23 Jul 2014