G8 bid for Affinity
AUSTRALIA’S biggest commercial childcare operator, G8 Education, is making a $ 162 million bid for rival Affinity Education as it continues a rapid expansion.
The takeover would add 161 childcare and early learning centres to G8’ s portfolio, taking it past 620 centres, with places for more than 47,000 children.
The company made five separate purchases in the 2014- 15 financial year, but the Affinity offer would dwarf those deals. G8 acquired a 16.41 per cent stake in Affinity yesterday, and is looking to take control with an offer of one G8 share for every 4.61 Affinity shares.