Edtech major Byju’s has settled $230 million in pending payments to private equity firm Blackstone relating to the acquisition of Aakash Educational Services (AESL), a source aware of the development said.
The final tranche of payment was scheduled to be paid by September 23 as per a mutual arrangement between the two parties, the source added. In April 2021, Byju’s signed a definitive agreement to purchase AESL in a cash-and-stock deal worth Rs 6,821 crore.
At that time, Byju’s mentioned that AESL will continue to function independently, although Aakash founders and Blackstone Group were allocated cash and stock exits. FE