EdtechX Holdings (NASDAQ

EDTX) Announces Merger Agreement With Meten Education (China)

EdtechX Holdings (Nasdaq: EDTX) announces education technology transaction with Meten Education and its digital platform Likeshuo (China)

London, Dec. 12, 2019 (GLOBE NEWSWIRE) -- EdtechX Holdings (“EdtechX”) (Nasdaq: EDTX), a special purpose acquisition company (“SPAC”) seeking to acquire a target in the education services and education technology industry, announced today that it has entered into a definitive merger agreement with Meten Education (China) (“Meten”). Meten and its digital platform Likeshuo are a market leader in English Learning Training (“ELT”) in China. The combined entity (“New Holdco”) will operate as Meten EdtechX and focus on providing industry leading English and future skills training for a growing market of Chinese students and young professionals. Meten EdtechX intends to pursue expansion plans including market consolidation in China and the roll out of Meten’s existing omnichannel distribution platform, combining digital delivery and strategic retail presence, across a total addressable market of more than 600 cities in China.  

EdtechX, headquartered in London (UK) and listed on the Nasdaq in October 2018, was formed to build an industry leading platform of next-generation education and training businesses through targeted acquisition, consolidation and development of companies that are growing, profitable and early adopters of technology. EdtechX is sponsored by affiliates of a specialist “edtech” investment bank, IBIS Capital, and Azimut Enterprises, a Milan based global asset management firm with approximately $61 billion in AUM.

Meten, headquartered in Shenzhen in the heart of the Chinese Silicon Valley, is a market leader in ELT in China, with a #1 position in the adult ELT segment (source: Frost & Sullivan). Meten operates an omnichannel (retail and digital) business comprising a nationwide network of 149 new generation learning centres (covering 32 cities in 14 provinces) under the brands Meten (adult) and ABC (junior brand), as well as the popular English digital tutoring platform for young professionals, Likeshuo.  In January 2019, Meten raised a series C of $43 million led by China International Capital Corporation (CICC).