Skip to main content

EdtechX Holdings, Meten Complete Merger

IBIS Capital-sponsored special purpose acquisition corporation EdtechX Holdings Acquisition Corp. and Meten International Education Group have completed their previously announced merger. The former is the world's first SPAC focused on investing in the education services and education technology industry. The combined entity will be called Meten EdtechX Education Group and will use the ticker EDTX.

Commenting on the announcement, Benjamin Vedrenne-Cloquet, CEO of EdtechX, and Charles McIntyre, Chairman and Chief Investment Officer of EdtechX, jointly said:

“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.”

In connection with the closing of the merger transaction, EdtechX and Meten completed the private placement of US$ 36 million from institutional investors including $60bn Italian asset manager Azimut and Fortune Global 500 Company Xiamen ITG Holding Group. These investments add to the previous investments into Meten by China International Capital Corporation and private equity funds affiliated with Tsinghua University. EDTX expects the investment to accelerate the expansion of Meten’s ELT offering and its fast-growing digital platform, ‘Likeshuo’, as well as fund potential synergistic and accretive acquisitions in China and internationally.

© The Sortino Group Ltd

All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency or other Reprographic Rights Organisation, without the written permission of the publisher. For more information about reprints from AlphaWeek, click here.