China Kepei Education Group Ltd. agreed to pay 1.45 billion yuan for the acquisition of the Harbin Institute of Petroleum in Harbin, China.

The transaction will involve the transfer of Wang Fu and Xie Yongli's shareholdings in the companies that hold the private regular undergraduate institution, which occupies an approximately 666,667-square-meter property in the city, according to a Jan. 13 filing.

The purchase of the school is subject to various conditions, China Kepei added.

As of Jan. 13, US$1 was equivalent to 6.89 yuan.