BYJU's Aakash Acquisition News: $1 billion deal confirmed! Strategic merger! TOP DETAILS you need to know
BYJU's Aakash Acquisition Deal News: The deal size is pegged at close to $1 billion.
In a major development in the education domain, it has been confirmed that ed-tech company BYJU’S will acquire Aakash Educational Services Limited (AESL) through a strategic merger. BYJU’S has announced its strategic partnership with test prep services Aakash Educational Services Limited. The deal size is pegged at close to $1 billion, according to a person familiar with the transaction, as per IANS.
Founders J.C. Chaudhry and Aakash Chaudhry will continue to spearhead AESL’s growth and expansion. Moreover, Aakash Founders and Blackstone to become shareholders in BYJU’S.
"This partnership brings together two of the largest and most-trusted education brands in India - combining Aakash’s pedagogy expertise in the test-prep segment with BYJU’S content and tech capabilities. After the integration, BYJU’S will make further investments to accelerate Aakash’s growth," an official statement said.
Commenting on the development, Byju Raveendran, Founder and CEO, BYJU’S said, “I am happy to have Aakash Educational Services Limited (AESL), a market leader and the most trusted name in the test prep services, on board with us. Our complementary strengths will enable us to build capabilities, create engaging and personalised learning programs. The future of learning is hybrid and this union will bring together the best of offline and online learning, as we combine our expertise to create impactful experiences for students.”
Byju further added, “The pandemic has brought the importance of the blended format of learning to the forefront. As we unite our forces to bring together decades of expertise and experience, this partnership will further accelerate Aakash’s growth and success.”
Aakash Chaudhry, Managing Director, AESL said, “At Aakash, we are looking to transform student experiences by steering innovative and digitally-enabled learning solutions. Together with BYJU’S, we will work towards building an omni-channel learning offering that will accelerate test-prep experience to the next level. While this partnership will enhance our operational verticals, Aakash will continue to operate as a separate entity with the same passion and commitment with which its Founder & Chairman Mr. J C Chaudhry incepted it. We are excited to partner with BYJU’S, and will strive to deliver long-term value to our students, employees, investors, and other stakeholders.”
Amit Dixit, Co-Head of Asia Acquisitions and Head of India Private Equity at Blackstone, said “We invested in AESL because it is one of the leading education brands in India with a professional management team, best-in-class corporate governance and a 33-year track-record of exceptional results. We have always believed omni-channel will be the winning model in test prep and tutoring, and we look forward to being a part of the partnership between the two foremost companies in Indian supplementary education – Aakash and BYJU’S. The combination of Aakash and BYJU’S is highly synergistic and we are excited to help build India’s largest education company.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.