London, March 31 (Bernama-GLOBE NEWSWIRE) — EdtechX Holdings (NASDAQ:EDTX) and Meten International Announce Successful Merger Closing and Capital Raise
EdtechX Holdings Acquisition Corp. (“EdtechX”) (Nasdaq: EDTX), the world’s first special purpose acquisition company focused on investing in the education services and education technology industry, and Meten International Education Group (“Meten”), a leading English language training (“ELT”) service provider in China, announced today that they have successfully completed their previously announced merger transaction.
The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals.
In connection with the closing of the merger transaction, EdtechX and Meten completed the private placement of US$ 36 million from institutional investors including Azimut (AZM.MI), a leading Italian asset manager with assets under management of more than US$ 60 billion, and Xiamen ITG Holding Group, a Fortune Global 500 Company engaged in range of industries across China including education. These investments add to the previous investments into Meten by China International Capital Corporation (CICC, 3908.HK) and private equity funds affiliated with Tsinghua University. The transaction is expected to accelerate the expansion of Meten’s ELT offering and its fast-growing digital platform, ‘Likeshuo’, as well as fund potential synergistic and accretive acquisitions in China and internationally.
Commenting on the announcement, Benjamin Vedrenne-Cloquet, CEO of EdtechX, and Charles McIntyre, Chairman and Chief Investment Officer of EdtechX, jointly said:
“We believe that the closing of these simultaneous transactions during these unprecedented market conditions is a significant achievement. It is testament to the strong fundamentals of the Chinese ELT market, characterized by rapid growth in demand for practical English language learning, and the robust expansion strategy pursued by Meten EdtechX which leverages an efficient omnichannel business model and technology to deliver profitable growth.”
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