PE-Backed Privatization Of Noah Education Gets Board Approval


New York Stock Exchange-listed Chinese education services provider Noah Education Holdings Ltd. says that it has entered into a definitive agreement to be taken private by an investor consortium including Morgan Stanley Private Equity Asia, Baring Private Equity Asia and its management team, according to a company announcement.

Noah Education’s board of directors has approved the transaction.

The deal is still pending a shareholder vote. The investor consortium together owns approximately 68% of the outstanding ordinary shares of the company.

The investors are to acquire Noah Education at US$2.85 per American Depositary Share (ADS), representing a 26.7% premium over the closing price of US$2.25 on December 23, 2013, the last trading day before the deal’s announcement.

The transaction values Noah Education at approximately US$107.4 million on a fully diluted basis.

The investors include Morgan Stanley Private Equity Asia, Baring Private Equity Asia, as well as the company’s chairman and CEo Mr. Xu Dong and other management team members.

The deal is currently expected to close during the second or third quarter of 2014.

 
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