IDP Education Limited (ASX:IEL) entered into an agreement to acquire Hotcourses Ltd from Jeremy Hunt and others for £35 million on January 16, 2017. Under the terms of the acquisition agreement, IDP Education will acquire Hotcourses for a total enterprise value of £30.1 million with an additional £4.9 million representing net cash in the business. The consideration will be structured in two tranches with 75% of the enterprise value paid upfront and the remaining 25% paid in 12 months subject to a number of performance conditions. The acquisition will be funded via debt with IDP Education entering into an acquisition facility for the entire purchase price. Jeremy Hunt will sell entire 48% stake in Hotcourses. For the year ended 2016, Hotcourses generated revenue of £10.8 million. Hotcourses will be overseen by a Board comprising senior executives from Hotcourses and IDP. The Board will be chaired by Andrew Barkla and will continue to be led by Chief Executive Officer, Simon Emmett. Simon Emmett will also join IDP Education’s Global Leadership Team, which reports to Andrew Barkla. The existing Chairman and founder of Hotcourses, Michael Elms, will remain as a Director and senior advisor to Hotcourses. Hotcourses will continue to operate as an independent entity. The transaction is expected to complete on January 31, 2017. IDP Education expects that the transaction will be EPS accretive in financial year 2018. IDP Education Limited (ASX:IEL) completed the acquisition of Hotcourses Ltd from Jeremy Hunt and others on January 31, 2017.