Dashan Education Holdings (HKG:9986) has agreed to acquire a 52% stake in Spark Media International for HK$104 million, according to a Friday Hong Kong bourse filing.

The consideration will be settled through the issue of 100 million new shares at HK$1.04 each, representing an 18.8% discount to the last close.

Allotment comprises 60 million shares to Aurelian Tides Group and 40 million shares to YoGlod Limited.

The shares equate to about 12.5% of existing capital and 11.1% post-issue.

Performance guarantees require Spark Media to post profit before tax of at least HK$20 million in 2025 and HK$30 million in 2026, with compensation payable if targets are missed.

Dashan said the deal will expand its brand operation and management capabilities and create synergies with its consultancy business.