ChinaEdu to become the sole owner of 101 Online School

Beijing-based online degree and educational provider ChinaEdu Corporation, announced on Monday that it has entered a definitive agreement to acquire the remaining 20% equity interest in the 101 Online School, an online tutoring and test preparation program at the price of RMB 5.2 million.

ChinaEdu had bought its initial 80% equity interest in January 2005. With this acquisition, ChinaEdu will achieve full ownership of 101 Online School.

ChinaEdu earned approximately US$1.85 million in revenue from online tutoring programs in the first three quarters of 2007, compared to about US$1.72 million in the year-ago period.

ChinaEdu is one of the biggest service providers to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported.

The acquisition is expected to be settled by April 2008.