ATA Inc., a Chinese online educational test preparation and assessment delivery platform operator, has agreed to buy creative arts course provider ACG from Arts Consulting Ltd. in a $24.34 million deal.
ATA said that its partnership with ACG will enable the company to strengthen its leadership position within the industry and accelerate the growth of its business.
On completion of the deal, expected to occur before the end of August 2019, subject to conditions, ATA will own 100 percent of ACG and a 69 percent indirect equity interest.
Furthermore, ATA has also entered into separate conditional share purchase agreements to acquire the remaining 31 percent stake from minority investors.