Chennai: Veranda Learning Solutions Limited has signed a definitive agreement to acquire T.I.M.E (Advanced Educational Activities Pvt Ltd) for a consideration of Rs 287 cr.
This 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control in phase 1, followed by the purchase of the remaining 20% at the end of two years (subject to the fulfilment of closing conditions).
The Hyderabad-based T.I.M.E is a test-prep institute with a pan-India presence operating through 188 centres including franchisees spread across 98 cities. It has trained around 22 lakh students since its inception in 1992, with a run rate of training almost 1.1 lakh students every year.
Kalpathi Suresh, Executive Director Cum Chairman, Veranda, said “Veranda as a brand delivers high-quality education that drives outcomes at an affordable price to learners including Tier II/III towns. The acquisition allows us to expand national footprint with an asset that has known to have sent around 50% of all students admitted into the IIMs.” He also added, “Veranda through this acquisition also diversifies into the pre-school and the language training space, which I believe are two strong pillars of growth.”
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