$2.3 billion Navitas buyout takes effect

The $2.3 billion private equity takeover of global education provider Navitas by private equity is now legally effective and its shares will be delisted.

The $2.3 billion takeover of Navitas by private equity firm BGH, AustralianSuper and the global education provider's former chief executive Rod Jones is now legally binding.

Navitas on Monday lodged a copy of Friday's court order approving the takeover with the Australian Securities and Investments Commission, meaning the scheme is now legally effective and will be implemented on July 5.

Navitas shares will be suspended from trading after Monday's close, with shareholders receiving $5.825 per share in cash.

Shareholders approved the takeover with 96.8 per cent in favour on Wednesday.

Navitas is being replaced with shipbuilder Austal in the ASX200, and by Gold Road Resources in the ASX All Australian 200.

Source AAP

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