ATA Inc. (NASDAQ: ATAI) shares were trading higher Friday after the company announced the terms of its agreement to acquire a China-based provider of overseas art education.
ATA said it has entered into a non-binding framework agreement with Beijing Huanqiuyimeng Education Consultation Corp., also known as ACG.
ATA said it will issue 9.36 million shares to Arts Consulting Limited, ACG's sole shareholder, as consideration for 100% of the company. The acquisition is expected to close before the end of August, according to ATA.
The Chinese education company previously announced April 9 that it had a preliminary agreement to acquire ACG.
ACG is a provider of educational services for students in China interested in applying for overseas art study. ATA is a company focused on providing students with educational experiences and services in China and abroad.
ATA shares were trading higher by 13.47% at $2.95 at the time of publication Friday.
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