YY To Buy Edu24ol.com

(RTTNews) - YY Inc. (YY) said Thursday that it has reached a definitive agreement to fully acquire Beijing Huanqiu Xingxue Technology Development Co., Ltd and Beijing Huanqiu Chuangzhi Software Co., Ltd from Shanghai Global Career Education Science & Technology Holding Company for a total cash consideration of about RMB 120 million.

The deal is subject to customary closing conditions.

Xingxue and Chuangzhi operate the online education website, edu24ol.com. With about 700,000 registered users, edu24ol.com is one of China's leading online vocational training and language training platforms. Edu24ol.com generates over half of its revenues from students studying architecture and construction engineering, but also has a strong focus in the medical, finance and accounting subject matter. As part of the agreement, Huanqiu will retain the online English training business.