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IPDN to Acquire 51% interest China Zhejiang Xili Valley Tourism Development
Wednesday 24 April 2019

24 April 2019 - Jiangxi PDN Culture Media Co., Ltd., a variable interest equity of Chicago, US-based Professional Diversity Network, Inc. (NASDAQ: IPDN), has signed a letter of intent to acquire 51% of the equity interests of Zhejiang Xili Valley Tourism Development Co., Ltd., the company said.

Zhejiang Xili Valley Tourism Development Co., Ltd. is an affiliate of the company's China-Germany nursing programme partner in Guangzhou.

Terms of the transaction were not disclosed.

According to the LOI, JXPDN will proceed with a formal due diligence process. IPDN intends to work with Xili Valley Tourism on its Xili Valley project with approximately 333 acres land-use planning to develop a local health and wellness community and enter into the health and wellness industry in China.

Professional Diversity Network, Inc. (NASDAQ: IPDN) is a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse professionals.

The company operates subsidiaries in the United States and China.
Date Published: 24/04/2019
Target: Zhejiang Xili Valley Tourism Development Co/51% stake
Country: China
Sector: Tourism
Type: Corporate acquisition
Status: Agreed
Buyer: Jiangxi PDN Culture Media Co
Terms of the deal were not disclosed