TAL Education Group, a K-12 after-school tutoring services provider in China, has agreed to secure about $500 million in funding. The investor was not identified.
BEIJING, Feb. 18, 2019 /PRNewswire/ — TAL Education Group (NYSE: TAL) (“TAL” or the “Company”), a leading K-12 after-school tutoring services provider in China, today announced that a long-term equity investment firm has agreed to purchase a total of approximately US$500 million of newly issued Class A common shares of the Company. Following the transaction, the investor will hold, taking into account its existing holding, approximately 7% of the Company’s outstanding shares.
The transaction is subject to customary closing conditions and the closing is expected to take place in February 2019. The investor has agreed not to sell, transfer or dispose of any shares acquired in the transaction for six months after the closing.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring services provider in China. The acronym “TAL” stands for “Tomorrow Advancing Life”, which reflects our vision to promote top learning opportunities for Chinese students through both high-quality teaching and content, as well as leading edge application of technology in the education experience. TAL Education Group offers comprehensive tutoring services to students from pre-school to the twelfth grade through three flexible class formats: small classes, personalized premium services, and online courses. Our tutoring services cover the core academic subjects in China’s school curriculum as well as competence oriented programs. The Company’s learning center network currently covers over 50 key cities in China. We also operate www.jzb.com, a leading online education platform in China. Our ADSs trade on the New York Stock Exchange under the symbol “TAL”.