upGrad and Unacademy Announce Merger via 100 Percent Share Swap, Gaurav Munjal to Remain CEO
upGrad to Acquire Unacademy in All-Stock Deal
upGrad, a leading edtech major led by Ronnie Screwvala, is set to acquire Unacademy in a 100% share swap deal. Under the agreement, Unacademy co-founder Gaurav Munjal will continue to lead the company as CEO, focusing on online education products and global expansion.
The acquisition terms include a "break fee" in the event the deal fails to close. Unacademy currently holds cash reserves of over USD 100 million, and has recently refocused its operations by consolidating company-operated centers with franchise partners. The company's global product, Airlearn, is gaining traction in markets such as the US, Germany, and UK.
The partnership with upGrad will enable Unacademy to build great online products for learners in India and globally, with a focus on innovation and growth. The acquisition is expected to create a leading player in the edtech space, well-positioned to capitalize on the growing demand for online education.
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Investor Takeaway
Investors should monitor the deal's progress and potential impact on the edtech sector.
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