BEIJING, July 10, 2017 /PRNewswire/ -- China Distance
Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a
leading provider of online education and value-added services for
professionals and corporate clients in China, today announced that it signed a
definitive agreement to acquire 40% equity interest in Beijing
Ruida Chengtai Education Technology Co., Ltd. ("Beijing Ruida"), a
leading provider of exam preparation services for participants in
China's national judicial
examination, for a total consideration of RMB192 million ($28.3
million), subject to adjustments under certain pre-agreed
conditions. In addition, CDEL has the right, at its option, to
further increase its equity interest in Beijing Ruida up to 60%
before April 2019 under certain
pre-agreed conditions. The acquisition of 40% equity interest in
Beijing Ruida is an all-cash transaction, and is expected to close
in the fourth quarter of fiscal 2017.
Mr. Zhengdong Zhu, Chairman and
CEO of CDEL, said, "Our investment in Beijing Ruida is ideally
aligned with our strategy to build industry-leading comprehensive
lifelong education verticals. With this investment, we immediately strengthen our legal
education vertical by adding a prominent national judicial exam
preparation provider to our portfolio of education services." Mr.
Zhu added, "Beijing Ruida has enjoyed impressive growth since being
launched last year due to its highly acclaimed instructors,
best-of-breed educational content, and innovative new media
marketing strategy. We welcome the Beijing Ruida team to the CDEL
platform."
Mr. Fengke Liu, Founder and Chairman of Beijing Ruida, said, "We
are delighted to have CDEL as our strategic investor. CDEL and
Beijing Ruida share the common goal of providing high-quality
education services to help professionals advance in their careers.
We believe our focus on delivering high-quality educational content
and services for participants in China's national judicial examination will
further complement CDEL's broad array of industry-leading exam
preparation services."
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not historical facts, but
instead are predictions about future events. Future events are
inherently uncertain, and our forward-looking statements may turn
out to be incorrect. The Company may not realize the anticipated
benefits of the investment in Beijing Ruida. The forward-looking
statements in this press release speak only as of the date on which
they are made, and we assume no obligation to update any
forward-looking statements except as required by law.
About Beijing
Ruida
Founded in 2016, Beijing Ruida was established by eight highly
acclaimed instructors in China's
legal education industry. Beijing Ruida provides exam preparation
services and products, including proprietary books and reference
materials, for participants in China's national judicial examination. Beijing
Ruida delivers services and products at six campuses in
China (Beijing, Shanghai, Nanjing, Hangzhou, Guangzhou, and Shenzhen) as well as through its online
platform and a nationwide network of education partners.
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education and value-added services for professionals and
corporate clients in China. The
courses offered by the Company through its websites are designed to
help professionals seeking to obtain and maintain professional
licenses and to enhance their job skills through our professional
development courses in China in
the areas of accounting, healthcare, engineering &
construction, and other industries. The Company also offers
professional education courses for participants in the national
judicial examination, online test preparation courses for
self-taught learners pursuing higher education diplomas or degrees,
test preparation courses for university students intending to take
the nationwide graduate school entrance exam, practical accounting
training courses for college students and working professionals, as
well as online language courses and third-party developed online
courses. In addition, the Company provides business services to
corporate clients, including but not limited to tax advisory and
accounting outsourcing services. For further information, please
visit http://ir.cdeledu.com.
Contacts:
China Distance
Education Holdings Limited
|
The Piacente Group |
Investor Relations
|
Investor Relations
Department
|
Brandi
Piacente
|
Tel: +86-10-8231-9999
ext 1805
|
Tel: +1
212-481-2050
|
Email:
IR@cdeledu.com
|
Email:
dl@tpg-ir.com
|
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SOURCE China Distance Education Holdings Limited