Source: Business Standard via PwC – EdLive
Indian coaching services provider MT Educare has agreed to acquire a 51% stake in its local peer Lakshya Forum for Competitions, the buyer reported. Financial terms of the deal were not disclosed. According to the source, the total deal amount would be paid by MT Educare over three years and is dependent on certain milestones to be achieved by Lakshya. The deal agreement also provides an opportunity to MTEL to acquire complete 100% stake in Lakshya up to 30th November 2018. The acquisition is in-line with MT Educare’s offerings in the science section. It will now offer the entire end to end training to all its students aspiring for boards, JEE mains & JEE Advanced and NEET examinations for a successful career in the engineering and medical stream. Lakshya is a test preparation institute founded in 2006. It currently serves to more than 2500 students with faculty strength of 40 teachers of which 20 are IITians and doctors. MT Educare is the holding company of Mumbai-based Mahesh Tutorials, which runs the country’s largest school and college tutorial chain and is gaining ground in multiple new training segments. The institution has more than 188 centres in 110 locations across India.