CVC exits its investment in China’s EIC, ending its IPO plans

PE firm CVC Capital exited its stake in Chinese firm Education International Corp. (EIC), a provider of educational advice to Chinese students. The sale ended the company’s plans of launching an IPO, which would have valued the company at c.$500m (source: Thomson Reuters IFR)

According to sources involved in the deal stated that CVC earned RMB 4.5bn ($692m) from the sale to certain Chinese private equity firms led by NLD Investment LLP and EIC’s founder Joe Li as well as other EIC management.

CVC had invested $200m in the firm in 2013.

Source: Reuters