Aptech acquires MAAC for Rs 76-crore

The acquisition is through the takeover of 100 pct equity shares of Maya Entertainment.

IT training and education major,Aptech Ltd,has sealed a major buy-out in the animation and multimedia education space by acquiring Maya Academy of Advanced Cinematics (MAAC) for Rs 76 crore.

“This acquisition will make us an education powerhouse,give us scale and synergy as well as a significant marketshare,” Aptech’s CEO and Managing Director,Ninad Karpe,said in Mumbai.

The acquisition is through the takeover of 100 per cent equity shares of Maya Entertainment Ltd (MEL),the parent company of MAAC,Karpe said.

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“The deal is structured to include a cash payout as well as issue of equity shares of Aptech Ltd to the shareholders of MEL. The enterprise value is Rs 76 crore and the breakdown between the cash and equity components will be finalised very soon,” Karpe said.

Issue of shares of Aptech Ltd is,however,subject to approval of the shareholders of Aptech Ltd.

The cash to be paid will be from internal accruals.

“With the animation education industry poised to expand at 27 per cent CAGR,there is an immense potential in this segment and this acquisition will help us tap this potential,” Karpe said.

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