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NetDragon agrees to buy Promethean World

Chinese gaming company NetDragon Websoft has confirmed it will acquire Promethean World, the British education technology firm.

It will pay 40 pence in cash for each Promethean share, which values the London-listed company at approximately £84.1 million. Promethean’s directors said they would unanimously recommend that shareholders accept the offer.

Promethean is best known for its digital whiteboards and has significant sales in North America and Western Europe. It’s faced a tough few years, however, and in 2014 posted a loss of £6.9 million on sales of £118.2 million (down 16.3%).

NetDragon is a leading player in China's online gaming and mobile internet industries, and has an education subsidiary focused on ‘gameified' learning. 

It said it would “support and accelerate Promethean's hardware and software roll out” in current and new markets. 

It added that Promethean's management and employees were “very important to the future development of the company”.

"We are truly excited by the opportunities created with the synergies, both technologies and market access, of the two companies,” vice chairman Simon Leung said.

Gleacher Shacklock was financial advisor to Promethean, VSA Capital advised NetDragon.

Posted on: 13/07/2015

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