The Chaudhry family, the founders of Aakash, will not swap their remaining 18% stake in Aakash for equity in the edtech giant
BYJU’S acquisition of Aakash was through a combination of cash and share deal, as per which the Chaudhry family would swap their stake in Aakash for Think and Learn
Earlier, BYJU’S sent a legal notice to the founders of the test prep chain due to their alleged resistance to complete the share swap
The Chaudhry family, the founder of Aakash Educational Services Limited (AESL), has reportedly told BYJU’S that it will terminate the merger and fallback agreement involving a share swap.
According to a report by The Morning Context, the Chaudhrys will not swap their remaining 18% stake in Aakash for equity in the edtech giant. At the same time, Blackstone, the US-based private equity (PE) firm, has also delayed moving ahead with the share swap. Blackstone still holds a 12% equity stake in Aakash.