Sibling Group Holdings, Inc. completed the acquisition of assets and operations of Blendedschools.net.
May 29, 2014
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Sibling Group Holdings, Inc. (OTCPK:SIBE) agreed to acquire assets and operations of Blendedschools.net for $0.55 million on October 10, 2013. The deal is subject to approval of final documents and terms, regulatory approval and approval by Board of Directors of Sibling Group Holdings and Blendedschools.net and court approval. The asset purchase agreement was signed on November 25, 2014. As per the agreement the transaction was subject to obtaining financing by Sibling Group. As on January 17, 2014, the deal is expected to formally close within the next thirty days. Sibling Group Holdings, Inc. is expected to offer employment to all the employees of Blendedschools.net. The Office of the Attorney General in the State of Pennsylvania approved the sale on March 6, 2014. The transaction is expected to close within 30 days. As on May 20, 2014, Sibling Group Holdings updated stakeholders that cleared all regulatory approvals and expect that a formal closing will occur within a week after the completion of the accounting. Timothy A. Schoonover of Babst Calland acted as legal advisor to Blendedschools.net. Gerry Balboni of Krevolin & Horst, LLC acted as legal advisor to Sibling Group.
Sibling Group Holdings, Inc. (OTCPK:SIBE) completed the acquisition of assets and operations of Blendedschools.net on May 30, 2014.
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