G8 Education is understood to have taken a 16 per cent stake in rival Affinity Education on Thursday afternoon.
G8 bought the 38 million shares at 70¢ each, sources said.
Perpetual Investments is understood to have been a seller, selling all of its 36 million shares. Perpetual was Affinity's largest shareholder with a 15.3 per cent stake, according to a substantial shareholder notice lodged in April.
The stock was traded through Shaw Stockbroking, however it is understood Brisbane broker Hunter Green was behind the trade.
The trade was at a 16¢ premium to Affinity's last close. The company's shares dropped 34 per cent to 54¢ on Thursday after releasing worse than expected earnigns guidance.
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