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BIZCHINA / Overseas Investment
Kaplan to acquire greater ACE stake
By Mao Lijun (China Daily)
Updated: 2007-08-02 14:10
A Beijing resident checks the Internet to see how to register for the
IELTS exam. [newshpoto]
Kaplan Inc will buy a further stake in ACE Education, China's leading
provider of international education training, in an attempt to further
expand into the country's educational services sector, the company's
chief executive told China Daily.
Kaplan, the world's largest education services provider and a subsidiary
of the Washington Post Company, already holds a 40 percent stake in ACE
and hopes to become its majority shareholder, said Jonathan Grayer,
Kaplan's chairman and CEO.
Kaplan formed a joint venture with ACE Education, called Kaplan ACE, in
April 2007.
"One of the main purposes of my Chinese trip this time is to negotiate
with ACE to acquire more stake and become its majority shareholder,"
Grayer said. He declined to reveal how much of a stake Kaplan seeks and
how much they are willing to pay.
Through the acquisition of ACE, Kaplan can enlarge its business network
of campuses in major cities across the country, including Beijing,
Shanghai, Chengdu, Chongqing, Qingdao and Suzhou, where ACE Education has
been operating.
ACE's experience in China will enable Kaplan to provide a wide variety of
education and training services in the country. At the same time, Kaplan
is seeking other cooperation agreements in the country to expand its
business.
"We are considering forming more partnerships and we are in contact with
New Oriental now," Grayer said. New Oriental Education & Technology Group
is the country's largest English tutorial provider.
Kaplan has developed a detailed plan to enlarge its business in the
country, Grayer told China Daily.
Kaplan will provide a variety of international education services and
products in the Chinese market, including preparatory programs for entry
to UK universities and international-standard degree programs at campuses
throughout China.
"ACE's involvement in the establishment of Sino-British College, the
University of Shanghai for Science and Technology, provides Kaplan a
platform for cooperation with education services providers in the
country," Zhou Yong, president of former ACE Education and CEO of Kaplan
ACE, told China Daily.
(For more biz stories, please visit Industry Updates)
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