Currently, the target operates out of 75 centres located across 39 cities and is headquartered in Mumbai. The 39-year company also claims to be one of the largest test-prep organisations in India.
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Edtech firm Veranda Learning Solutions said it has signed a definitive agreement for the acquisition of JK Shah Education through its subsidiary Veranda XL Learning Solutions.
The first part of the two phase deal will see a payment of 76 percent of the outstanding capital amounting to Rs 337.82 crore.
Currently the target operates out of 75 centres located across 39 cities and is headquartered in Mumbai. The 39-year company also claims to be one of the largest test-prep organisations in India.
After the acquisition, professor JK Shah will remain Chairman for Life on the board.
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Commenting on the advantages from the deal, Shah said: “This will allow us to leverage Veranda Learning Solutions’ technological prowess and deep network.”
“Some notable alumni include Kumar Mangalam Birla who is an Indian industrialist and chairman of the Aditya Birla Group; Piyush Goyal who is the Minister of Commerce and a member of Rajya Sabha; and Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company,” Shah added.
Kalpathi S Suresh, chairman and executive director of Veranda Learning Solutions, said: “This acquisition is a crucial breakthrough into high-demand courses such as chartered accountancy as well as a bouquet of financial and commerce courses.”
InCredMAPE and KPMG were the buy side advisors while InCorp Advisory was the sell side advisor for this deal.
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