UPDATE - EdtechX Holdings and Meten International Announce Successful Merger Closing and Capital Raise
The combined entity will operate as
In connection with the closing of the merger transaction, EdtechX and Meten completed the private placement of
Commenting on the announcement,
“We believe that the closing of these simultaneous transactions during these unprecedented market conditions is a significant achievement. It is testament to the strong fundamentals of the Chinese ELT market, characterized by rapid growth in demand for practical English language learning, and the robust expansion strategy pursued by Meten EdtechX which leverages an efficient omnichannel business model and technology to deliver profitable growth.”
“While the current COVID-19 pandemic continues to affect global economies, it has also created the conditions for accelerated adoption of online education and training globally. This is a trend we expect to continue in the long term.”
“The closing of this merger marks a significant milestone for Meten, an achievement made possible through the support of investors across the world and the dedication of management teams on both sides of the transaction. We look forward to working with Benjamin and Charles to deliver our growth strategy, taking full advantage of the extensive industry experience of our new board directors and the additional funding raised in connection with the transaction."
Meten EdtechX’s ordinary shares will trade on the
Chardan acted as financial and capital markets advisor to EdtechX. Macquarie acted as financial advisor to Meten.
Meten is a leading English language training (“ELT”) service provider in
Meten’s superior teaching quality and student satisfaction is underpinned by cutting edge technology deployed across the business. AI-driven centralised teaching and management systems record and analyse learning processes in real time and personalise course content, facilitating continuous development of the course offering and strict quality control.
Meten has grown rapidly and profitably to reach
Meten is well positioned to leverage China’s rapid growth in demand for education and training services, driven by the country’s continuous economic development and increasing urbanization. A growth strategy focused on further developing the online offering, expanding the offline network into tier two, three and four cities, and further enhancing and diversifying the service offering, is expected to deliver approximately 50% growth in revenue, 109% in adjusted EBITDA and 203% in adjusted net income by 2021.
Investor Relation Website: http://investor.metenedu-edtechx.com/
About EdtechX Holdings Acquisition Corp. (“EdtechX”)
EdtechX Holdings Acquisition Corp., headquartered in
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding Meten EdtechX’s future financial and business performance, attractiveness of Meten EdtechX’s service offerings and platforms and the value proposition of Meten EdtechX’s services, are forward-looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Meten EdtechX’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to recognize the anticipated benefits of the business combination; costs related to the business combination; Meten EdtechX’s ability to execute on its plans to develop and market new services and the timing of these development programs; Meten EdtechX’s estimates of the size of the markets for its services; the rate and degree of market acceptance of Meten EdtechX’s products; the success of other competing technologies that may become available; Meten EdtechX’s ability to identify and integrate acquisitions; the performance and security of Meten EdtechX’s services; potential litigation involving Meten EdtechX; and general economic and market conditions impacting demand for Meten EdtechX’s services. Neither EdtechX nor Meten undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A video accompanying this announcement is available at
Photos accompanying this announcement are available at
Contact: Meten-EdtechX Investor Relation Website: http://investor.metenedu-edtechx.com/ Press and IR: email@example.com
Source: Meten EdtechX Education Group