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(Yicai Global) Feb. 22 -- Chinese art school operator Kaiwen Education Technology Co. will invest some USD40 million in acquiring three music art education schools from Rider University, located in New Jersey U.S., as the firm looks to expand its presence globally.
The Beijing-based firm will acquire Westminster Choir College, Westminster Conservatory of Music and Westminster Continuing Education following a purchase intention agreement with the college, Kaiwen said in a filing.
The deal marks the beginning of the firm's efforts to form a global layout to enhance cross-cultural operations, brand value and competitiveness. The investment also extends Kaiwen Education's presence to the higher education sector.
The three schools specialize in higher education related to music and the arts. The investment includes the institutions' physical assets such as school premises and teaching equipment, as well as intangible assets such as intellectual property rights.