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Deepti Sri · · 1 min readReport: Byju’s buys offline tutoring center in nearly $1b deal
“India’s most-valued edtech startup Byju’s is acquiring Blackstone Group-backed Aakash Educational Services in an estimated US$950-million cash-and-stock deal,” The Economic Times reported
Details:
- The deal will give Blackstone Group and Aakash’s founders a minority stake in Byju’s at a valuation of US$13 billion. Ernst & Young was Byju’s financial advisor for the acquisition.
- Company founder Byju Raveendran said that the deal will help the edtech firm hit US$1.2 billion to US$1.3 billion in revenue by the next financial year.
Context:
- In January, it was reported that Byju’s had signed the acquisition deal. It involved Blackstone Group swapping some of its 37.5% shares in Aakash for a stake in Byju’s.
- The edtech startup is also reportedly close to signing a deal to acquire rival Toppr in a transaction valued at roughly US$150 million.
Editing by Collin Furtado
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