HONG KONG, March 3, 2017 /PRNewswire/ -- Nord Anglia Education, Inc. (NYSE: NORD), the world's leading premium schools organization, announced today that it has entered into two separate agreements to acquire two international schools in Europe and the Middle East.
In aggregate the two schools currently educate more than 4,400 full time equivalent students from age three to 18, with capacity of over 4,800 seats. The combined consideration for the two schools is expected to be approximately $147 million and is within Nord Anglia Education's targeted range of 7-10x EBITDA for each school.
Nord Anglia Education expects both transactions to complete over the next two months and will update its fiscal 2017 guidance and provide further details on each of the schools when they close. The acquisitions are subject to customary closing conditions and Nord Anglia Education notes that there is no assurance that the closing conditions will be satisfied.
Andrew Fitzmaurice, CEO of Nord Anglia Education, commented, "We are pleased to announce the anticipated expansion of our network with the addition of these two leading international schools. Both schools are recognised for their high quality educational offer and track records of academic excellence. As part of our family, they will be able to enhance the learning opportunities available to their students and teachers through our innovative programmes, including collaborations with The Juilliard School and MIT. Nord Anglia Education continues to have an active pipeline of excellent acquisition opportunities to further expand our global network."
Upon completion, the addition of these two schools will expand Nord Anglia Education's global network to a total of 45 international schools, providing an outstanding education to more than 41,300 students in 16 countries.
This press release includes statements that express our current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward looking statements". These forward looking statements can generally be identified by the use of forward-looking terminology, including the terms "believe," "expect," "may," "will," "should," "seek," "project," "approximately," "intend," "plan," "estimate" or "anticipate," or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts.
By their nature, forward-looking statements relate to events that involve risks and uncertainties or that depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those under "Risk Factors" in our most recent Annual Report on Form 20-F filed with the SEC.
Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition, liquidity, growth prospects, strategies and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition, liquidity, growth prospects, strategies and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement that we make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
About Nord Anglia Education, Inc.
Nord Anglia Education (NYSE: NORD) is the world's leading premium schools organization. Our 43 international schools are located in China, Europe, the Middle East, Southeast Asia and North America. Together, they educate more than 37,000 students from kindergarten through to the end of secondary education. We are driven by one unifying philosophy – we are ambitious of our students, our people and our family of schools. Our schools deliver a high quality education through a personalized approach enhanced with unique global opportunities to enable every student to succeed. We primarily operate in geographic markets with high foreign direct investment, large expatriate populations and rising disposable income. We believe that these factors contribute to high demand for premium schools and strong growth in our business. Nord Anglia Education is headquartered in Hong Kong SAR, China. Our website is www.nordangliaeducation.com.
For further information, please contact:
Corporate Finance and Investor Relations Director – Nord Anglia Education
Tel: +852 3951 1130
Managing Director, Investor Relations – ICR
Tel: +1 203 682 8342
Head of Brand – Nord Anglia Education
Tel: +852 3951 1144
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SOURCE Nord Anglia Education, Inc.