Blake Dawson has announced it acted for Navitas, which has entered into a sale and purchase agreement, valued at $289 million, to acquire 100 per cent of the SAE Group, a leading provider of creative and new media education advised by Minter Ellison and Rodd Peters Lawyers.
Founded in Australia in 1976, SAE has expanded to become one of the world's largest media technology training institutes, with 47 campuses in 19 countries (plus a further nine licensed schools).
SAE offers a range of post-secondary education opportunities to approximately 8,000 students, including certificate, diploma, degree and Masters programs across three major fields of study: audio production, film production and interactive media.
Blakes acted as Navitas's legal advisers in relation to the acquisition and the $100 million share placement, and advised on certain other matters associated with the transaction.
The acquisition is subject to a number of conditions, including accreditation approvals from regulatory bodies. The acquisition is expected to close by 31 January 2011, with the exception of the US business which is expected to be subject to a 90 day accreditation approval process and a deferred completion process.
The Blakes team was led by partner Roger Davies, who was assisted by Matthew Rumpus, Justin Vyse and Len Hertzman.