Kaplan to acquire greater ACE stake
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.
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