NetDragon Websoft Inc. (00777.HK) announced Thursday evening that it will purchase all equity of UK-based multinational education company Promethean World Plc. at 40 pennies per share.
The acquisition will be conducted by Digital Train, a subsidiary of NetDragon Websoft Inc. (00777.HK) and the valuation of the acquisition is estimated to be 84.8 million pounds, or about 840 million yuan. As of 3 p.m. on Wednesday London time, Digital Train had obtained 95.88 percent of Promethean's total equity and the entire acquisition will be completed in October or November.
NetDragon Websoft is one of China's leading online game developers and it has been deploying Internet education business over the past few years and expects to transform into an online education services provider with 10-billion-yuan-worth of market value.
NetDragon Websoft is looking forward to the completion of acquisition of Promethean World Plc. and the transaction will provide NetDragon Websoft a market space of globalization, said Liu Dejian, board chairman of the Chinese company, while releasing the firm's interim report. He also said that online education will be the priority for the development of NetDragon Websoft in the future.
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