M&A

M&A

Veranda Learning acquires test prep firm TIME for Rs. 287-Cr

BSE Disclosure  

Recently listed, Chennai-based edtech company Veranda Learning Solutions Limited is to acquire test prep firm Advanced Educational Activities Pvt Ltd (AEAPL) - which offes Test Prep services for various entrance examinations under the brand name of T.I.M.E.- for INR 287 crores. Veranda will initially acquire 80% in AEAPL and will acquire the balance 20% at the end of 2 years from first closing. InCredMAPE is the financial advisor and JSA the legal advisor to Veranda. KPMG India is the financial advisor and Begur & Partners is the legal advisor to T.I.M.E. Headquartered in Hyderabad, T.I.M.E. has a pan-India presence operating through 188 centres including franchisees spread across 98 cities in India. The company also has a chain of pre-schools under the T.I.M.E. Kids brand operating through 222 pre-schools in 56 cities. The combined turnover of above businesses for FY21 is INR 110 crores. The Spoken English Training business under the VETA brand (previously acquired by T.I.M.E) is also part of the transaction.