Tarena enters into definitive agreement for going private during third quarter

Tarena International (Nasdaq: TEDU), a provider of professional education and K-12 education services in China, announced on April 30th that it has entered into a definitive agreement to go private, according to its statement.The deal includes a plan of merger with Kidedu Holdings Ltd. and Kidarena Merger Sub, a wholly owned subsidiary of the former. This transaction is valued at around $230 million. The deal is  expected to close during the third quarter.The buyer group includes Ascendent Capital Partners, KKR, New Oriental, Gaorong Capital, and Han Shaoyun, founder and chairman of the Board at Tarena.  Founded in 2002, Tarena is a provider of adult professional education as well as K-12 education services in China. It went public on Nasdaq at $9 per share in 2014.In mid-March, the company announced its fourth quarter and full-year 2020 financial results. Its net revenue in 2020 decreased by 7.5% year-over-year to RMB1,897.9 million (US$290.9 million). The adult education business, which represented 59.9% of the total net revenues, decreased by 25.6% year-over-year to RMB1,136.1 million (US$174.1 million). The K-12 education business, which represented around 40% of the total net revenues, increased by 45.3% year-over-year to RMB761.8 million (US$116.8 million).