Hailiang Education Group Inc. (Nasdaq: HLG) announced Friday that it will acquire Jinhua Hailiang Foreign Language School (JHFL) for 34 million yuan as it grows its network of schools.
The K-12 education services provider said it has provided management services to JHFL prior to deal. The acquisition will not affect JHFL's operation, the company added.
"This acquisition added one new school to our network of schools, increasing the number of affiliated schools under our operation to 13,” Junwei Chen, the chairman and chief executive officer of Hailiang Education, said.
Looking forward, Chen said, “We will continue to acquire sponsorship of relatively mature schools from our affiliate companies and enlarge our affiliate school network. This acquisition will facilitate the promotion of Hailiang Education's K-9 international education project in the local area, with promising prospects.”
News of the acquisition sent the stock of Hailiang up 1.49% to $48.79 per share by midday Friday.