- Ranjan Pai, Chairman of Manipal Education and Medical Group, has acquired the debt investment of Davidson Kempner in edtech giant Byju’s in a Rs 1,400-crore deal.
- The transaction includes Pai securing a board seat on Byju’s subsidiary, Aakash, bringing an end to longstanding disputes between Byju’s and investment management firm Davidson Kempner.
- The deal involved 70% in cash and the rest in equity for Aakash promoters and Blackstone. Due to a decline in Byju’s valuation, there was reluctance to swap shares with Think and Learn, Byju’s parent entity.
- Byju’s had acquired Aakash Educational Services for nearly $1 billion in 2021, and the capital from Pai is expected to help Byju’s release the pledge on shares of Aakash.
- Aakash Chaudhry may return as CEO of Aakash Educational Services, replacing Abhishek Maheshwari, who left the position.