EdtechX, which is the world's first special purpose acquisition company focused on investing in the education services and education technology industry, said the new entity will continue to provide English language and skills training for Chinese customers.
Meten EdtechX Education, the name of the merged group, also completed a private placement of US$36mln from institutional investors such as Italian asset manager Azimut and Chinese state-owned Xiamen ITG.
The proceeds will be used to boost the expansion of Meten’s offering of English language teaching, its online platform Likeshuo and to fund future acquisitions.
“We believe that the closing of these simultaneous transactions during these unprecedented market conditions is a significant achievement,” said Benjamin Vedrenne-Cloquetand Charles McIntyre, chief executive and chairman of EdtechX.
“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.”
Shares in Meten EdtechX were trading at US$21.06 in after-hours trading.
The EdtechX share price has doubled since shareholders approved the deal on 25 March to stand at an all-time high.