Meten International Education Group, which provides English language education and international study services in China, withdrew its plans for an initial public offering on Wednesday. It originally filed in May 2019 with a proposed deal size of $100 million.
Rather than go public via IPO, the company plans to be acquired by London-based SPAC EdTechX Holdings Acquisition (Nasdaq: EDTX) in a deal expected to close in March.
The Guangdong, China-based company was founded in 2006 and booked $202 million in sales for the 12 months ended March 31, 2019. It had planned to list on the NYSE under the symbol MEDU. Citi, CICC and Macquarie Capital were set to be the joint bookrunners on the deal.
