Mishcon de Reya has advised the shareholders of Hotcourses Limited on the sale of 100% of Hotcourses' shares to IDP Education Limited for the sum of £35million.
Hotcourses Limited is a multinational company with offices in UK, India, USA and Australia. The company's portfolio of education search websites helps future students connect with universities and colleges around the world, enabling them to plan their studies and choose the right courses. With a database of 500,000 courses from 5,000-plus institutions in 48 countries, Hotcourses is one of the largest global databases of educational courses in the world.
Headquartered in Melbourne, Australia, IDP Education is a global leader in international student recruitment and a co-owner of IELTS, a leading English language proficiency test. IDP Education is 50% owned by 38 Australian universities through Education Australia Limited, with the remaining 50% traded on the Australian Securities Exchange.
Hotcourses will continue to operate as an independent entity, working with IDP to identify opportunities and maximise both businesses' strategies.
Mishcon de Reya's Corporate team led the acquisition – notably Head of Department Nick Davis and Associate James Paterson. The team also included Partner Stephen Diosi and Associate Caroline Nye-Wilkins (Incentives), Managing Associate Margarita Elia (Employment) and Partner Gary Richards and Associate Sarah Howes (Tax).
Of the transaction, Head of Corporate Nick Davis commented: "We have very much enjoyed working with the Hotcourses team throughout the sale process and we look forward to watching the continued success of the business as they unite with another longstanding member of the global educational community."
Mike Elms, CEO and co-Founder of Hotcourses commented "Mishcon de Reya played an important part in helping us achieve a successful deal outcome. This included their suggesting various creative options in order to maximise value for extracting cash out of the business. Although in the end we opted not to pursue these, it was helpful to have different routes presented and explained to us."