On a spending spree
Stadio is already on a buying spree, joining up with Brimstone to buy Milpark Education, which offers higher education and further education and training qualifications. The partners will pay cash of R320m, with Stadio, which is taking 70% of the joint venture, to pay R224m. With the Stadio rights issue set to raise R640m, part of which is to repay a bridging loan from Curro, it has the money and this is a nice acquisition with 17 000 registered students. It adds revenue and expertise and, frankly, there are probably very few potential deals like this locally, so this is a real score for the company.