EdTechX Holdings, a listed education and education technology SPAC (Special Purpose Acquisition Company), has announced a definitive transaction agreement of $535 million with Meten Education and its digital platform Likeshuo, according to a statement from EdTechX.

A new group called Meten EdtechX will be listed on Nasdaq and will focus on providing English and future skills training for a growing market of students and young professionals in China.

Meten EdtechX also plans to raise up to $100 million development capital in conjunction with the closing of the transaction to support growth plans including market consolidation in China and the launch of Meten’s existing omnichannel distribution platform, combining digital delivery and strategic retail presence.

Meten Education, an English language training platform, with a headquarter in Chinese Silicon Valley, Shenzhen, has raised a total of $69.2 million in three funding rounds to date, in which the last round of $43 million was announced in January, according to Crunchbase. Most recently, the company has been pursuing its IPO in the US with an effort to file IPO to SEC in May.

EdTechX says, the transaction is subject to SEC regulatory review and shareholders vote, expected in the first quarter of 2020.

Benjamin Vedrenne-Cloquet (CEO) and Charles McIntyre (Chairman), the founders of EdTechX Holdings, will join the board of Meten EdtechX along with Meten’s founders.