NOAH TO ACQUIRE CHILD EDUCATION COMPANY FOR RMB 126M (CAD$19 million)
Shenzhen-based electronic dictionary and mobile learning device maker Noah Education (NYSE:NED) has signed an agreement to acquire a 70% interest in Shenzhen Wentai Education Industry for a total consideration of RMB 126 million by June 1.
Founded in 2002, Wentai Education manages six kindergartens and four primary schools in five cities in Guangdong province, with total student enrollment of over 5,000 and 580 faculty and staff. The company recorded revenue of RMB 49 million (CAD$7.3 million) in 2009.
Source: JLM Pacific Epoch