EdtechX completes China group merger and raises $36m for expansion
An education technology acquisition firm has secured multi-million dollar investment as it merges with an English language training (ELT) service provider.
London-based EdtechX has announced it has completed its merger with Meten International Education Group, and the two firms have closed a $36m investment round.
The round saw participation from institutional investors including Italian asset manager Azimut, and Fortune Global 500 company Xiamen ITG Holding Group.
Operating as Meten EdtechX Education Group, the newly combined entity will continue to focus on providing English language and future skills training for Chinese students and professionals.
The new investment and merger is expected to accelerate the expansion of Meten’s ELT offering and its digital platform Likeshuo, as well as fund potential acquisitions both in China and overseas.
In a joint statement, EdtechX CEO Benjamin Vedrenne-Cloquet and chairman and chief investment officer Charles McIntyre 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.”
Alan Peng, chief executive officer of Meten International Education Group, added: “The closing of this merger marks a significant milestone for Meten, an achievement made possible through the support of investors across the world and the dedication of management teams on both sides of the transaction.
“We look forward to working with Benjamin and Charles to deliver our growth strategy, taking full advantage of the extensive industry experience of our new board directors and the additional funding raised in connection with the transaction.”
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