BEIJING, July 10, 2018 /PRNewswire/ -- China Distance
Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a
leading provider of online education and value-added services for
professionals and corporate clients in China, today announced that it signed a
definitive agreement to acquire an additional 11% equity interest
in Beijing Ruida Chengtai Education Technology Co., Ltd. ("Beijing
Ruida"), a leading provider of exam preparation services for
participants in China's national
judicial examination, for a total consideration of RMB52.8 million ($8.0
million), subject to adjustments under certain pre-agreed
conditions, bringing the Company's total equity interest in Beijing
Ruida to 51%. In addition, CDEL maintains the right, at its option,
to further increase its equity interest in Beijing Ruida up to 60%
before April 2019 under certain
pre-agreed conditions. The acquisition of the additional 11% equity
interest in Beijing Ruida is an all-cash transaction, and is
expected to close in the fourth quarter of fiscal 2018.
Mr. Zhengdong Zhu, Chairman and
CEO of CDEL, said, "Our investment in Beijing Ruida is ideally
aligned with our strategy to build a comprehensive legal education
vertical." Mr. Zhu added, "Beijing Ruida is very well positioned in
China's legal education market due
to its highly acclaimed instructors, best-of-breed educational
content, and innovative new media marketing strategy. As a result
of Beijing Ruida's outstanding performance in 2017, we have decided
to increase our equity stake in Beijing Ruida ahead of April 2019."
Mr. Xiuyong Zhong, Founder and Chairman of Beijing Ruida, said,
"CDEL and Beijing Ruida share the common goal of providing
best-of-breed education services to help professionals seeking
career advancement. We believe Beijing Ruida's emphasis on
delivering high-quality educational content and services for
participants in China's national
judicial examination will further complement CDEL's comprehensive
lifelong learning ecosystem."
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not historical facts, but
instead are predictions about future events. Future events are
inherently uncertain, and our forward-looking statements may turn
out to be incorrect. The Company may not realize the anticipated
benefits of the investment in Beijing Ruida. The forward-looking
statements in this press release speak only as of the date on which
they are made, and we assume no obligation to update any
forward-looking statements except as required by law.
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education and value-added services for professionals and
corporate clients in China. The
courses offered by the Company through its websites are designed to
help professionals seeking to obtain and maintain professional
licenses and to enhance their job skills through our professional
development courses in China in
the areas of accounting, healthcare, engineering &
construction, and other industries. The Company also offers
professional education courses for participants in the national
judicial examination, online test preparation courses for
self-taught learners pursuing higher education diplomas or degrees,
test preparation courses for university students intending to take
the nationwide graduate school entrance exam, practical accounting
training courses for college students and working professionals, as
well as online language courses and third-party developed online
courses. In addition, the Company provides business services to
corporate clients, including but not limited to tax advisory and
accounting outsourcing services. For further information, please
visit http://ir.cdeledu.com.
Contacts:
China Distance
Education Holdings Limited
Jiao Jiao
Tel: +86-10-8231-9999
ext 1826
Email:
IR@cdeledu.com
|
The Piacente Group |
Investor Relations
Brandi
Piacente
Tel: +1
212-481-2050
Email:
dl@tpg-ir.com
|
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SOURCE China Distance Education Holdings Ltd