Walkers represents NetDragon's subsidiary on spin-off of overseas education business

Walkers is acting as Cayman Islands counsel to Best Assistant Education Online Limited, a subsidiary of NetDragon Websoft Holdings Limited (NetDragon), in its agreement and plan of merger with Gravitas Education Holdings Inc. (GEHI), a NYSE-listed company.

Pursuant to the merger agreement, NetDragon will spin-off its overseas education business at a valuation of approximately US$750 million, reverse merge with GEHI for listing on the NYSE, and GEHI will divest its entire China business.

The proposed transaction is expected to close by the end of the third quarter of 2023.  Upon completion, the merged entity will be renamed to MYND.AI to reflect the new brand and the direction of the company to pursue the transformation of education with Artificial Intelligence (AI).
NetDragon is a China-based global leader in building internet communities, and its issued shares are listed on the Main Board of Hong Kong Stock Exchange (HKSE: 00777). NetDragon is principally engaged in online and mobile games development, including games design, programming and graphics and online and mobile games operation, education business, mobile solution, products and marketing business, and property project business.

The Walkers team comprises partner Nicholas Davies, counsels Melissa Mak and Kevin Ho and associate Sharon Tang.

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