Premium Journalist
1 minute read
17 Sep 2015
9:47 am

Advtech acquires Summit College for R82m


Advtech has acquired Summit College, which is in the 'banker belt' area of Kyalami, Midrand for R82 million in cash.

Picture: Thinkstock

The private education group, which last month reported a 73 percent increase in operating profit in the first half of the year, said the “ideally located” Summit had a capacity for 1000 children and was situated on 42 hectare grounds with boarding facilities on site.

Summit was established in 1989 as part of the New Era Schools Trust, considered very progressive at the time with its vision to establish an inclusive school network that would offer all, regardless of race, culture, faith or economic background, a quality education.

Advtech said the cash deal would be settled in part through contributions to a scholarship fund to be administered by the Summit College Trust and Advtech. Once established, the scholarship fund would enable the trust to sustain its historic mandate of providing financial assistance to deserving learners.

The deal is expected to complete in January next year.