Navitas is expected to announce it has signed a binding agreement to be acquired by private equity firm BGH Capital and the nation’s biggest super fund, AustralianSuper, in a cash deal valuing the global education group at $2.1 billion.
Navitas went into a trading halt on Thursday after a report said the parties had reached an agreement. The consortium had been conducting due diligence since January when it returned to the table with a sweetened offer for Navitas.
BGH, AustralianSuper and former Navitas chief executive Rod Jones, lifted their cash bid for the global education group to $5.825 a share, for the shares not owned by the consortium. AustralianSuper and Mr Jones already own 18 per cent of the stock.
Navitas shares, which hit a three-year high of $5.76 this month, last traded at $5.62.