Brimstone said it would pay R96m for a 30% stake in Milpark, to be settled from existing cash resources.
Stadio will pay R224m for its 70% of Milpark.
The group announced shortly after it was unbundled from Curro on 3 October that it intended raising R640m via a rights offer of 57 new shares for every 100 held at R2.50 each.
The stock was trading at R6.50 at 10.44am on Friday, down 0.76% from Thursday's closing price.
Brimstone's N shares gained 2.46% to R12.50 while its less liquid ordinary shares remained untraded at R13.
"Milpark's flagship qualification, its Master of Business Administration degree (MBA), has been ranked number one amongst private providers of the MBA in SA by PMR.africa for three consecutive years, from 2015 to 2017," Stadio said.
Milpark was established in 1997, making it one of the first institutions to gain registration from the Department of Higher Education and Training to offer management degrees.
It mainly offers distance education, with about 17,000 registered students. It has campuses in Johannesburg and Cape Town, and a support office in Durban.
Source: BDpro
