(Yicai Global) July 25 -- C.banner International Holdings Ltd. [HKG:1028], a Chinese women's shoes brand, is to spend USD79 million on a 45.78-percent stake in Etonkids International Education Group to boost its holdings in consumer goods and services for children.
The shoemaker will purchase the shares from Standard Chartered Financial Holdings and Standard Chartered Private Equity Korea III, which both have holdings in the kindergarten operator, C.banner said in a statement on July 21.
Following the deal, Etonkids' founder, Clear Lead International Ltd., will hold 54.22 percent of the firm's equity.
The acquisition will extend C.banner's line of business to children's education, which is conducive to furthering their business distribution in consumer goods for kids and will bring additional benefits through coordination with its existing toy business, Hamleys of London Ltd., which it bought for GBP100 million (USD130 million) in October 2015.
After announcing the acquisition, stocks at C.banner climbed 7.57 percent on Monday, hitting a 15-month high.
Etonkids has established bilingual kindergartens across 17 cities in China, with 45 schools and more than 6,000 students.