Noah Education Holdings, a provider of education services in China, is to delist from the NYSE and merge with Rainbow Education, which is owned by a consortium including Morgan Stanley Private Equity Asia (MSPEA) and Baring Private Equity Asia.
The consortium has agreed to acquire Noah’s shares at $2.85 each, in a deal worth around $105m. The offer is a 27 premium on the company’s trading price in December 2013, where it made a previous buyout offer.
Founded in 2004, Noah owns and operates 48 high-end kindergartens in the Guangdong Province, Hunan Province and Yangtze River Delta. It owns and operates five primary and secondary schools, all in Guangdong Province. The company also owns and operates ten supplemental education centres in Hunan Province and Shanxi Province, which focus on English language training for children aged 3-12.
MSPEA is the Asia Pacific-focused private equity arm of Morgan Stanley and specialises in structured minority investments. The firm has offices located in Hong Kong, Shanghai, Mumbai, Seoul, Tokyo and New York.
Originally part of merchant bank Baring Brothers, Baring Asia was founded in 1997 within the ING Group and was then was bought-out by its current management in 2000. The firm currently has over 30 portfolio companies across Asia with 95,000 employees and revenues of over $25bn in 2013.
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