Recently, the Changfang Group (300301) issued an announcement to purchase 600 million yuan through the transfer of equity and capital increase (transfer of 400 million, capital increase of 200 million yuan) to obtain Shenzhen Terai New Education Group Co., Ltd. (hereinafter referred to as "Teley" New") 60% equity.
The report disclosed that the estimated value of the new 100% equity of Terex held by all new members of the company is 800 million yuan (the final valuation will be determined after the due diligence investigation is completed by both parties based on the due diligence results).
The new company was established on August 14, 2000 with a registered capital of 15 million yuan. As of November 2016, Terai has nearly 40 kindergartens across the country, as well as young teachers, educational institutes, and early education centers.
The new special education park of Terai is mainly located in first- and second-tier cities, with Guangdong and Shenzhen as the mainstays. There are about 9,000 children in the park, about 1,000 in the school, and about 1,200 faculty members.
According to reports, the new research institute of the company has established a unified use of teaching materials and early childhood teaching methods for its kindergartens. At the same time, Teresi has initially possessed independent teacher training capabilities and independently developed an online management platform for kindergarten management and home interaction.
The two parties signed a gambling agreement, and the new commitment of Terai, the audited consolidated net profit for 2016 is not less than 25 million yuan (the amount of net profit promised in 2016 is subject to the amount stated in the official transaction document, which is determined by the parties to the transaction).
Teraixin (calculated by consolidation after completion of consolidation) The net profit attributable to owners of the parent company after the audited deduction of non-recurring gains and losses in 2017, 2018, and 2019 (hereinafter collectively referred to as “profit commitment periodâ€) It is 50 million yuan, 65 million yuan and 84.5 million yuan.
According to the report, there are no less than 100 directly-owned kindergartens wholly or under the new name of Terai within three years from the date of delivery. The purchase price of the new direct or indirect acquisition of the Direct Kindergarten, that is, the PE valuation shall not exceed 7 times the average net profit of the kindergarten in the next three years.
The Changfang Group said that the acquisition is an important decision for the Changfang Group to enter the private education field and will promote the company's deployment in the education field.
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