Education Australia Limited agreed to spin off 25% stake IDP Education Limited (ASX : IEL) on March 11, 2021. Under the terms, Education Australia will restructure its 40% shareholding in IDP by making distribution of a 25% shareholding in IDP to all of its 38 University shareholders with those shareholders each becoming the direct owner of 1.8 million shares in IDP and divesting its remaining 15% shareholding in IDP via a market sell down. The transaction is subject to approval from the shareholders of Education Australia and approval from Queensland Treasury. Flagstaff Partners acted as financial advisor and MinterEllison acted as legal advisor to Education Australia in the transaction.