The educational venture, established for $10m in 2011, is now worth more than $350m
The deal values OES, which was established in 2011 with a $5m seed each from Swinburne and SEEK, at more than $350m. OES, originally established as a 50-50 joint venture between the partners, currently has more than 9,500 students enrolled under the Swinburne Online partnership.
The Maddocks team is being led by partner Rob Gregory and includes senior associate Viviane Karoumbalis and associate Georgia Hunt. They are assisting Swinburne COO Andrew Field, head of strategy and commercial David McCall and general counsel Tom Rowan.
SEEK said that the acquisition of a majority stake in the venture allows them greater flexibility to partner with other institutions. The company also sees organic growth drivers via the development of new programs, retention initiatives, and international expansion.
The deal is funded by SEEK’s existing cash and bank debt facilities. SEEK also revealed that OES currently has A$69m in total assets, including $60m in cash as of 31 January.
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