Exhibit 99.1
China Distance Education Holdings Limited
Announces Completion of Going-Private Transaction
New York March 18, 2021 China Distance Education Holdings Limited (NYSE: DL) (the Company), a leading provider of online education
and value-added services for professionals and corporate clients in China, today announced the completion of its merger (the Merger) with China Distance Learning Investments Limited (Merger Sub), a wholly-owned subsidiary of
Champion Distance Education Investments Limited (Parent), pursuant to the agreement and plan of merger (the Merger Agreement), dated as of December 1, 2020, by and among the Company, Parent and Merger Sub. As a result of
the Merger, the Company ceased to be a publicly-traded company and became a wholly-owned subsidiary of Parent.
Pursuant to the Merger Agreement, which
was approved by the Companys shareholders at an extraordinary general meeting held on February 26, 2021, all the ordinary shares, par value $0.0001 per share, of the Company (Ordinary Shares), including Ordinary Shares
represented by American depositary shares (ADSs), each ADS representing four Ordinary Shares, that were issued and outstanding immediately prior to the effective time of the Merger (the Effective Time), other than the
Excluded Shares (as defined in the Merger Agreement) and ADSs representing the Excluded Shares, were cancelled and ceased to exist in exchange for the right of the holders thereof to receive $2.45 in cash per Ordinary Share (the Per Share
Merger Consideration) or $9.80 in cash per ADS (the Per ADS Merger Consideration).
Shareholders of record as of immediately prior to
the Effective Time who were entitled to the Per Share Merger Consideration will receive from the paying agent a letter of transmittal and instructions on how to surrender their share certificates, if any, representing their Ordinary Shares in
exchange for the Per Share Merger Consideration, without interest and net of any applicable withholding taxes, and should wait to receive the letter of transmittal before surrendering their share certificates. Payment of the Per ADS Merger
Consideration (less an ADS cancellation fee of $0.05 per ADS), without interest and net of any applicable withholding taxes, will be made to holders of ADSs in respect of ADSs they held representing Ordinary Shares that were issued and outstanding
immediately prior to the Effective Time as soon as practicable after Deutsche Bank Trust Company Americas, the ADS depositary, receives the aggregate Per ADS Merger Consideration from the paying agent.
The Company also announced today that it has requested that trading of its ADSs on the New York Stock Exchange (the NYSE) be suspended and that
the NYSE file with the Securities and Exchange Commission (the SEC) a Form 25 (the Form 25) notifying the SEC of the NYSEs withdrawal of the ADSs from listing on the NYSE and intention to withdraw the Ordinary Shares
from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act). The Company intends to file with the SEC, 10 days after the NYSE files the Form 25, a Form 15 suspending the Companys
reporting obligations under the Exchange Act and withdrawing the registration of the Ordinary Shares under the Exchange Act. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined
by the SEC. The Companys obligations to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately
as of the filing date of the Form 15 and will terminate once the deregistration of the Ordinary Shares becomes effective.
Duff & Phelps, LLC has
served as financial advisor to the special committee of the board of directors of the Company (the Special Committee); Goulston & Storrs PC has served as U.S. legal counsel to the Special Committee; Morgan Lewis &
Bockius LLP has served as U.S. legal counsel to the Company; and Conyers Dill & Pearman has advised the Special Committee and the Company as to Cayman Islands legal matters with respect to the Merger.
Davis Polk & Wardwell LLP has served as U.S. legal counsel to Parent, Merger Sub, and the other members of the buyer group with respect to the Merger
(the Buyer Group); and Maples and Calder (Hong Kong) LLP has advised the Buyer Group as to Cayman Islands legal matters with respect to the Merger.