M&A
US lenders to edtech co. Byju’s sell off 2 cos acquired by it
Two edtech firms - Tynker and Epic - bought by Byju’s in the US have been sold off by the lenders who had sued Byjus for a repayment of USD 1.2 Billion Term Loan B (TLB).While coding platform Tynker has been sold to computer science learning platform CodeHS for USD 2.2 million in a cash deal (almost at a 99% reduction from USD 200 million paid by Byju’s when it acquired Tynker in 2021), Epic has been sold to Chinese education company TAL Education Group for USD 95 million (at an 81% discount to the USD 500 million paid by Byjus while acquiring it in 2021).Tynker, founded in 2012, is a K-12 creative coding platform that enables students to develop coding skills to design and power animations, games, music, robots and drones.Founded in 2013 by Suren Markosian and Kevin Donahue, Epic provides kids and their parents access to books and quizzes.
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