It follows a $493.93m offer from Blackstone in September – which IDP rejected on the grounds of being too low, blasting the bid as a “highly opportunistic” proposal that did not account for its future earnings potential.
It marks Blackstone’s third approach of the company, with this offer some 20% higher than its most recent bid.
IDP has not yet decided whether it will accept the non-binding proposal and warned that there is no guarantee an acquisition will take place, according to the newswire Reuters. Meanwhie, Blackstone has declined to comment.
However, the higher bid is “enough to start a conversation and probably to open the books, but not enough for a recommendation,” David Tuckwell, chief investment officer at ETF Shares, told Reuters.
Tuckwell remarked that “Blackstone is buying a market-leading global platform at a cyclical low,”, adding to Reuters that IDP’s co-ownership of IELTS makes it a scarce and cash-generative asset.
Blackstone is buying a market-leading global platform at a cyclical low,
David Tuckwell, ETF Shares
It follows a turbulent few months for IDP, which in the summer posted a 9% fall in revenue to AUD $795.4m for FY26. It attributed the drop to tighter immigration policies and falling student numbers.
Strict immigration policies across major markets have proven a significant challenge for the services provider.
The UK and Australia are cracking down on compliance, while the US market faces uncertainy under the leadership of an erratic Trump administration. Meanwhile, Australia and Canada have both capped international student numbers.
In September, IDP confirmed to The PIE News that it was consolidating 15 of its Indian student placement locations into larger offices nearby.
It told The PIE it followed a review of its Indian business amid challenging recruitment conditions.
