The Competition Commission has approved ed-tech startup Byju’s proposed acquisition of Aakash Educational Services Ltd (AESL).
The deal, estimated to be worth around USD 1 billion, which will bolster Byju’s presence in the test preparation segment in the country, was announced in April this year.
On Tuesday, Competition Commission of India (CCI) said it has approved the proposed combination relating to Think & Learn Pvt Ltd (Byju’s) acquisition of certain stake of AESL and thereafter their merger.
“The proposed combination will result in merger of AESL into Byju’s, as a consequence of which, Byju’s will be the surviving entity. As such, Byju’s shall effectively acquire complete and sole control over AESL,” an official release said on Tuesday.
Deals beyond certain threshold require approval from CCI.
Byju’s provides online educational services while AESL offers curriculum-based coaching for K-12 students and test preparatory services for various competitive examinations.
Source: Business-Standard