Mayfield Childcare Limited (ASX:MFD) signed a letter of intent to acquire Seven Centres in South Australia from Precious Cargo Education Pty Ltd for AUD 4.8 million on July 8, 2024. A cash consideration of AUD 4.8 million will be paid by Mayfield Childcare Limited. As part of consideration, AUD 4.8 million is paid towards None of Seven Centres in South Australia. The transaction will be financed through existing working capital.

The transaction is subject to definitive agreement. The completion of the transaction is expected to occur in Q3 2024.