China Online Education Group To Sell Its Online English Tutoring Businesses In China Mainland

China Online Education Group (COE), a platform focused on English education, said on Friday that it has inked a deal with Dasheng Holding Limited, controlled by its Chief Executive Officer Jiajia Jack Huang, to allow Huang to acquire all of the firm's online English tutoring businesses in the China Mainland with all associated liabilities and assets.

The transaction is expected to conclude on or around June 30.

Following the closing of the transaction, Dasheng will grant a right to the company to purchase certain newly issued shares of up to 99 percent of the outstanding shares of the entities holding the China Mainland Business with an exercise price of $1, the Warrant, may be exercised within five years from the closing.

The China Mainland Business is run by the subsidiaries of and variable interest entities controlled by China Online Education (HK) limited (COE HK).

Pursuant to the share purchase deal, Dasheng will acquire all of the equity interests of COE HK.

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