UP Education Australia Pty Limited entered into an agreement to acquire House of Learning Pty Ltd and City Wide Building and Training Services Pty Ltd from Simonds Group Limited (ASX:SIO) for AUD 10.3 million on September 30, 2021. The transaction is subject to Foreign Investment Review Board approval and notification, or consent from regulatory bodies such as the Australian Skills Quality Authority (ASQA), and the relevant Victorian, Queensland, NSW and ACT government funding bodies. As of November 30, 2021, UP Education Australia Pty Limited acquired House of Learning Pty Ltd from Simonds Group Limited. Completion of the proposed transaction is expected to occur late in the second quarter of FY22. Peter Thornely of Grant Thornton acted as accountant to Simonds Management Team and Board.