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Meten EdtechX Education Group achieves ‘unicorn’ status with market cap of over US$1bn

At close of trading on 31 March, the firm had a market cap of US$1.4bn after its shares ended the session 11.1% higher at US$23.39

Meten EdtechX Education Group Ltd - Meten EdtechX Education Group achieves ‘unicorn’ status with market cap of over US$1bn

Meten EdtechX Education Group Ltd (NASDAQ:METX) has achieved ‘unicorn’ status as its market cap surpassed US$1bn this week.

At close of trading on 31 March, the firm had a market cap of US$1.4bn after its shares ended the session 11.1% higher at US$23.39.

READ: EdtechX shares soar as it completes merger with Meten and raises US$36mln

The company was formed on 30 March following a merger between EdtechX Holdings, the world's first special purpose acquisition company focused on investing in the education services and education technology industry, and Chinese omnichannel education group Meten.

METX is focused on providing English language and future skills training for Chinese students and professionals and is backed by institutional investors such as Italian asset manager Azimut and Chinese state-owned Xiamen ITG.

The company has also completed a private placement of US$36mln, which it says will be used to boost the expansion of Meten’s offering of English language teaching, its online platform Likeshuo and to fund future acquisitions.

Quick facts: Meten EdtechX Education Group Ltd

Price: 10.36 USD

NASDAQ:METX
Market: NASDAQ
Market Cap: $550.12 m
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EdtechX Holdings to merge with China's Meten Education

EdtechX Holdings' (NASDAQ:EDTX) Benjamin Vedrenne-Cloquet and Charles McIntyre talk Proactive London through the decision to merge with the Chinese technology firm Meten Education. The new, enlarged group will operate as Meten EdtechX and focus on providing English and skills training for...

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