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Chinese’s Xin Nanyang plans to take a more than 10 percent stake in South Korea’s Chungdahm Learning as the pair team up in the education and training sector.
The Shanghai-based firm plans to buy nearly 800,000 shares for almost KRW12.5 billion (USD11 million), it said in a statement yesterday. The target’s primary business is developing and teaching courses in English and mathematics from kindergarten through grade 12, which are delivered online and through offline schools and franchises.
Chungdahm’s April and i-Garten products are international leaders in terms of curriculum design, teaching and research, the statement said, pointing out that the company has the largest market share for K12 education and training in South Korea. The firm also operates in other Southeast Asian countries and pulled in KRW151 billion (USD134 million) in revenue last year, pocketing KRW10.8 billion in consolidated net income.
Subsidiaries under the companies, Xin Nanyang Only Education & Technology and Chungdahm Cultural Development, both based in Shanghai, have also agreed to form a joint venture to enhance ties between their parent companies. Only Education will pump CNY30.6 million (USD4.5 million) into the new company, Only Doremi Education & Technology Shanghai, for a 51 percent stake.
The joint venture will invest in, build, operate and provide technical support for English education and training institutions aimed at kids and adolescents. The company will combine Only Education’s marketing skills and enrolment channels with Chungdahm’s April and i-Garten to blend offline and online teaching.
Source: yicaiglobal.com
