BYJU's clears Rs2,000 cr dues to VC firm Blackstone in $1 bn Aakash deal
IANS 24 September 2022
Edtech major BYJU's has finally paid the remaining dues of nearly Rs 1,983 crore (over $245 million) to global VC firm Blackstone in the $1 billion acquisition of Aakash Educational Services.
 
People close to the development told IANS that BYJU's paid the remaining dues to Blackstone within the extended deadline that ended on September 23.
 
According to BYJU's financial report FY21, "as per the terms of the agreement for acquisition of Aakash Educational Services, consideration to the extent of Rs 1,983 crore was due to be paid by the company to the sellers in June, 2022. This has been deferred to September 23, 2022".
 
Blackstone has nearly 38 per cent stake in Aakash and BYJU's has paid nearly 75 per cent of the Aakash acquisition amount.
 
Last month, BYJU's said it had closed the $1 billion acquisition of offline test preparatory services provider Aakash, one of the largest deals in the edtech space.
 
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