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Navitas accepts BGH-led consortium's sweetened buyout offer

Australian education services provider Navitas Ltd. agreed on terms for a binding cash takeover offer from a BGH Capital-led consortium, under which the BGH BidCo A Pty. Ltd. entity will acquire 100% of the company's share capital by way of a scheme arrangement.

Navitas accepted the buyout offer after rejecting the private equity firm-led consortium's two earlier bids in 2018.

Shareholders will receive A$5.825 per Navitas share in cash after the scheme is implemented. Navitas directors unanimously recommend that shareholders vote in favor of the scheme at a meeting scheduled to be held in June in absence of a superior proposal, according to a release.

The buyout is conditional on approvals from Navitas shareholders, the Federal Court of Australia, the Foreign Investment Review Board of Australia, as well as certain relevant U.S. education regulatory authorities, among other conditions.

Consortium members Rodney Jones and AustralianSuper collectively own approximately 18% of Navitas shares on issue and will receive some or all of their consideration in the form of shares in BGH BidCo. Jones is the co-founder and former CEO of Navitas.

Goldman Sachs is acting as financial adviser for the deal, while Ashurst is acting as legal adviser to Navitas.