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BEIJING, Dec. 28, 2020 /PRNewswire/ TAL Education Group (NYSE: TAL) ( TAL or the Company ), a leading K-12 after-school tutoring services provider in China, today announced that a group of investors has agreed to invest an aggregate of $3.3 billion in the Company through private placement, of which $2.3 billion is in convertible notes (the Convertible Notes Portion ), and $1 billion is in newly issued Class A common shares (the Equity Portion ) of the Company. Silver Lake, a global leader in technology investing, led the Convertible Notes Portion.
The transaction is subject to customary closing conditions and the closing is expected to take place in the near future. Immediately following the closing of the transaction, assuming the conversion of the entire Convertible Notes Portion into shares, the Convertible Notes Portion and the Equity Portion will account for 4.3% and 2.2% of the Company s outstanding shares, respectively. The invest