Morgan Stanley buys 60% of ABC Learning's US business
Morgan Stanley comes to the rescue of Australia's ABC Learning Centres, acquiring 60% of the childcare operator's US business and a further 10% stake in ABC for a combined outlay of up to $722 million.
Morgan Stanley private equity will acquire 60% ownership of the US businesses of Australia-headquartered ABC Learning Centres at a firm value of $775 million. It will also buy convertibles in ABC.
ôThe sale allows us to realise significant value from our US businesses, retain a material ongoing presence in this important market and substantially strengthen our capital structure,ö says Eddy Groves, CEO of ABC in a written statement filed with the Australian Stock Exchange ASX.
Groves also mentions...
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