Education trust makes R7.2bn offer for Curro Holdings

AN EDUCATION trust founded by PSG founder and Capitec co-founder, Jannie Mouton, has made a R7.2 billion offer to acquire all of Curro Holdings, South Africa's biggest private education company.

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The announcement on Wednesday saw the share price rocket 53.68% to R12.31, and the intention is to delist Curro and turn it into a nonprofit organisation, a statement said.

Curro said its board had received an offer letter from the Jannie Mouton Stigting (Foundation) to acquire all of the issued Curro shares by way of a scheme of arrangement.

Curro’s market capitalisation at the close of trade on Tuesday was R4.52bn.

The Trust already owns 3.36% of Curro.

The offer was R13 a share, of which 6.6% would comprise cash, 79% Capitec shares, and 13.78% PSG Financial Services shares.