China-based Bright Scholar Education (NYSE: BEDU), focusing on global premier education service, announced recently an agreement to acquire 18% equity interests in Golden Ballet Dance, which has been teaching classical ballet to over 60,000 children across its 33 training centers in China since its establishment in 2009.
According to Bright Scholar, the transaction is expected to be closed in April 2021. "Golden Ballet provides a high caliber of ballet training, and both companies share the same value and take children's development and well-being as our top priority," said Zi Chen, CEO of Complementary Education Services." The investment in Golden Ballet offers tremendous market opportunities as well as synergies that will further expedite the expansion of our complementary education business."
Bright Scholar has four main business segments, including K-12 education for Chinese students, international K-12 education, complementary education(competency-based courses, study tour, and study abroad), and education technologies.
In the first quarter of the 2021 fiscal year, Bright Scholar’s net revenues totaled RMB1.052 billion, representing a decrease of 4.2% year-on-year. The net income was RMB191 million, compared to RMB204 million in the same period last year.