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Bright Scholar Acquires 49% Equity Interest in Can-Achieve Education Consultants
Wednesday 16 May 2018

16 May 2018 - China-based international and bilingual K-12 schools operator Bright Scholar Education Holdings Ltd. (NYSE: BEDU) has acquired an additional 49% equity interest in China-based Can-achieve Education Consultants Co., Ltd., the company said.
This is a follow-up investment since the company's initial investment of 21% equity interests in Can-achieve in July 2017.
Bright Scholar is acquiring the additional interest for a total consideration of RMB 262.5m (USD 41.2m). Upon completion of the transaction, the company will hold a total of 70% equity interests in Can-achieve.
Can-achieve has operations in Beijing, Guangzhou, Zhenzhou and Hong Kong, representing over 600 overseas universities, including 273 universities in the United States and Canada.
In 2017, the total revenue and net profit of Can-achieve was RMB 123.9m (USD 19.4m) and RMB 26.3m (USD 4.13m), respectively.
Bright Scholar Education Holdings Ltd. provides international education to Chinese students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education overseas.
It also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China.
As of February 28, 2018, Bright Scholar operated 62 schools covering the breadth of K-12 academic needs of its students across eight provinces in China.
Date Published: 16/05/2018
Target: Can-achieve Education Consultants
Country: China
Sector: Business and Consumer Services
Type: Corporate Acquisition
Financing: Cash and Stock
Status: Closed
Buyer: Bright Scholar Education Holdings
Builds on existing 21% stake