TAL Education To Buy Firstleap Education; Terms Undisclosed - Quick Facts

(RTTNews) - TAL Education Group (XRS), a leading K-12 after-school tutoring services provider in China, announced that it has entered into a definitive agreement to acquire Firstleap Education, which provides all-subject tutoring service in English in China to children aged from 2 to 15 years old. The total consideration for this acquisition is not disclosed for reasons of commercial sensitivity.

Founded in 2009, Firstleap provides all-subject tutoring service in English in China to children aged from 2 to 15 years old through both its online platform www.firstleap.cn and over 60 learning centers. It now serves more than 20,000 students in over 20 cities in China and maintains high retention rate and customer satisfaction rate.

".... After the acquisition, we plan to keep Firstleap as a separate brand for independent operation within the company structure. Firstleap will continue to provide practical English training focusing on qualitative development in the live context, as is the latest trend in English tutoring. Our organic small class Lejiale English business will be specialized in exam-oriented English subject tutoring, while our other proprietary brand Lewaijiao will provide online one-on-one oral English tutoring by native English speaking teachers," said TAL's Chairman and Chief Executive Officer, Bangxin Zhang.