BYJU'S Puts Epic, Great Learning On Sale To Raise $800 Million-$1 Billion According to reports, Byju's is expecting to earn between $400-$500 million from the sale of Epic, which is a US-based kids' learning company
By Teena Jose •
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Edtech company Byju's has put two of its assets, Epic and Great Learning, on sale to raise $800 million-$1 billion in cash. The troubled company has proposed to clear a $1.2 billion Term loan B to its lenders, and the sale is part of its plans to meet this commitment, among others, according to an ET report citing people aware of the matter.
As per the report, the people said Byju's has been working with bankers to sell the two assets to strategic investors and the sources said that it has garnered some interest. Simultaneously, it is in talks to raise fresh equity capital.
Byju's is expecting to earn between $400-$500 million from the sale of Epic, which is a US-based kids' learning company. Byju's had acquired Epic in a $500 million cash and stock deal in May last year, the report said.
Furthermore, higher education and upskilling company Great Learning is also up for sale and Byju's expect around $500-$600 million from its sale, people aware of the subject were cited in the report as saying.
If the sales go through, they would give Byju's some much needed ammunition to manage its financials, and also give it some elbow room during negotiations with the promoters of test preparation company Aakash Institute, as well as creditor-Davidson Kempner, the report mentioned.
Aakash, which Byju's had acquired for $950 million in 2021, is in the midst of a shareholder tussle. Byju's has been in talks with the promoters—the Chaudhry family and investment fund Blackstone—to complete the share swap for the deal announced two years ago. Sources told ET that the equity swap part of the Byju's-Aakash deal is pending.
