Tarena International, Inc. (Nasdaq: TEDU) announced Friday that it has accepted a going-private deal at $4 per American depositary share, sending its stock 11% higher.

Under the deal, Tarena expects to merge with a unit of Kidedu during the third quarter and thus delist from the Nasdaq market. The equity value of Tarena is at $230.6 million in this transaction.

The provider of professional and K-12 education services in China said the merger offer represents a premium of 27% to the closing price of the ADSs on December 7, 2020.

The deal will be funded through cash contribution by Ascendent Capital Partners III, L.P. or its affiliates.

Duff & Phelps, LLC is serving as the financial advisor to the Special Committee. Gibson, Dunn & Crutcher LLP is serving as U.S. legal counsel to the Special Committee. Walkers (Hong Kong) is serving as Cayman Islands legal counsel to the Special Committee.

The privatization news of Tarena follows a slew of similar deals by Chinese companies. Last week, Ruhnn and China Biologic Products Holdings suspended their trading after going private.

A month ago, China's internet giant Sina discontinued its public trading after 21 years on Nasdaq.

Shares of Tarena closed at $3.75 apiece Friday, up 11%.