JOINT STATEMENT: IDP Education Australia Ltd and SEEK Ltd
Released 9 August 2006
SEEK Limited appointed preferred bidder for IDP equity
partnership
The President of IDP Education Australia Ltd, Professor Denise
Bradley, announced today that SEEK Limited had been selected by the
IDP board as the preferred bidder for a 50 per cent interest in
IDP’s business.
Subject to final agreement on terms and conditions, SEEK Limited
has offered to purchase 50% of IDP Education Pty Ltd, establishing
a commercial partnership with IDP, which is owned by 38 Australian
universities. SEEK has offered to pay approximately $36 million for
the 50% stake. The agreement is expected to be completed shortly.
(A copy of the release to the ASX
by SEEK is attached.)
Professor Bradley welcomed the opportunity for IDP to partner
with SEEK. She said the partnership would open a new era for
IDP.
Professor Bradley said:
“IDP’s university shareholders want IDP to change and grow –
preparing itself to meet increased competition in the global market
for education services. They have supported the Board’s desire to
find a partner with complementary skills for the next phase of
development of this industry.”
“Australian universities have been successful in global
education markets because they have been innovative and fleet of
foot – ready to move into new products and new markets. A
partnership between IDP and SEEK will take us to the next
step.”
She said the board had selected SEEK as preferred bidder using
criteria designed to ensure that IDP’s new equity partner would be
an organisation which would enhance IDP’s business prospects and
its ability to provide services to the Australian international
education sector.
Andrew Bassat, Joint Chief Executive of SEEK, said:
“We are very excited about this opportunity as the IDP business
is highly complementary with our SEEK Learning operation. The
partnership between IDP and SEEK will represent the marriage of the
unrivalled industry expertise of IDP’s university shareholders with
the marketing, sales, technology and business development expertise
that have contributed to the success of SEEK.”
Tony Pollock, Chief Executive of IDP, said:
“SEEK’s track record of business success and its strategic view
of the education services market are an exciting match for IDP,
given IDP’s leading position in the international student
recruitment and language testing markets.
“I look forward very much to working with SEEK to build IDP into
the global leader in international student services.”
Jason Lenga, Corporate Strategy Director for SEEK, who has
overseen the process for SEEK's investment in IDP, said:
‘’IDP has outstanding strategic assets including strong
relationships with all major Australian education institutions,
unparalleled geographic presence and exceptional positioning as a
trusted adviser for students travelling to Australia.
‘’IDP already delivers almost 20,000 students to Australia each
year, and the opportunities for growth are exceptional. We look
forward to working with our partners in IDP to deliver great
outcomes for students, institutions, staff and shareholders
alike.”
For further information contact:
Andrew Bassat, Joint Chief Executive Officer, SEEK Limited, +61
(0)3 95107200
Tim Dodd, Manager, Communications and Corporate Affairs, IDP
Education Australia Ltd, +61 (0)2 82512775, +61 (0)407 440160
About IDP Education Australia Ltd and IDP Education Pty
Ltd
IDP Education Australia Ltd is the largest recruiter of
international students for Australian educational institutions. The
company plays a key role in the export of education services –
Australia’s fourth largest export industry generating $7.5 billion
revenue annually.
IDP is a global company and recruits students through an
international network of over 50 offices located in key student
markets. Through IDP, international students are recruited for all
sectors of the education export industry – universities, TAFEs,
private colleges, high schools, and specialist English colleges.
IDP’s recruitment activities are currently responsible for a
significant proportion of the international students who enrol in
Australian educational institutions.
IDP is a partner in the IELTS English language test. IELTS is
one of the largest international English tests administering over
500,000 tests a year around the world. The test is used globally
for entry to education courses, and also by other users including
immigration authorities and employers. IELTS Australia Pty Ltd, a
majority owned subsidiary of IDP, owns one-third of the IELTS
test.
IDP also operates a business managing overseas development
contracts where it specialises in the educational field.
IDP Education Australia Ltd was established in 1969 and is owned
by 38 Australian universities. It will shortly transfer its
operating business to a subsidiary, IDP Education Pty Ltd, which
will be co-owned by SEEK Ltd and IDP Education Australia Ltd.
About SEEK Limited and SEEK Learning
SEEK Limited (ASX code: SEK) is the leader in the online
employment and training market in Australia and New Zealand.
www.seek.com.au is Australia’s leading employment website, with a
formidable lead over its competitors in terms of both job ad and
job seeker numbers. SEEK attracts over 2 million individual
Australian visitors to the site each month and is one of
Australia's best known internet brands.
SEEK Learning is a division of SEEK Limited and is fast becoming
Australia's premier source of career-related training and
development. SEEK has formed strategic partnerships with leading
training providers, including IT vendors, TAFEs and major
universities, to provide both distance-based and classroom
education that suits busy lifestyles.
