Edtech Company Byju's Pushes Back Payments For $1 Billion Acquisition
Blackstone, which owned 38 per cent of Aakash, opted to defer payments due until this year, one of the people said
Topics
Byju's | EdTech | Blackstone
Bloomberg Last Updated at June 29, 2022 00:59 IST
Online education provider Byju’s is pushing back payments for an approximately $1-billion acquisition struck last year, according to people familiar with the matter.
Blackstone and other shareholders of Aakash Educational Services were due to be paid partly in cash and partly in Byju’s stock this week, but Byju’s sought a two-month extension, said the people, who asked not to be identified discussing a private matter. Some sellers received partial payment in 2021, the people said.
Blackstone, which owned 38 per cent of Aakash, opted to defer payments due until this year, one of the people said. The acquisition process is “fully on track and all payments are expected to be completed by the agreed upon date i.e. August 2022,” a Byju’s spokeswoman said. Blackstone didn’t respond to an email seeking comment and an Aakash representative declined to comment.
The Morning Context reported earlier that the payments had been postponed. Byju’s asked to push back the Aakash deal payments until late August because regulators have yet to clear the acquisition, said one of the people, adding that it had nothing to do with cash shortages.
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First Published: Wed, June 29 2022. 00:59 IST
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