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 IDPís 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:

ìIDPís university shareholders want IDP to change and grow ñ preparing itself to meet increased competition in the global market for education services. They have supported the Boardís desire to find a partner with complementary skills for the next phase of development of this industry.î

ìAustralian universities have been successful in global education markets because they have been innovative and fleet of foot ñ ready to move into new products and new markets. A partnership between IDP and SEEK will take us to the next step.î

She said the board had selected SEEK as preferred bidder using criteria designed to ensure that IDPís new equity partner would be an organisation which would enhance IDPís business prospects and its ability to provide services to the Australian international education sector.

Andrew Bassat, Joint Chief Executive of SEEK, said:

ìWe 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 IDPís university shareholders with the marketing, sales, technology and business development expertise that have contributed to the success of SEEK.î

Tony Pollock, Chief Executive of IDP, said:

ìSEEKís track record of business success and its strategic view of the education services market are an exciting match for IDP, given IDPís leading position in the international student recruitment and language testing markets.

ìI look forward very much to working with SEEK to build IDP into the global leader in international student services.î

Jason Lenga, Corporate Strategy Director for SEEK, who has overseen the process for SEEK’s investment in IDP, said:

ëíIDP 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.

ëíIDP 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.î