G8 Sell 31 Centres to Genius

See the below extract from GEM's announcement today.

"G8 Education Limited (the “Group” or “G8”, ASX: GEM) today announces the signing of a conditional agreement to sell 31 of its centres to TAK Operations Pty Ltd, which is part of the experienced private national childcare provider Genius Education Group Pty Ltd (“Genius Education Group”). The 31 centres located in various states collectively produce a full-year Statutory EBIT loss of circa $3 million (pre-AASB16 losses before income tax of circa $9 million). Under the terms of the agreement, G8 will make a payment to Genius Education Group, to be allocated across the 31 centres, which combined with transaction costs and adjustments, totals $26.5million."

This does not read well for us shareholders of MFD. I can see us receiving these incredibly profitable centres in due course