Bodhi Tree Picks up Strategic Stake in Coaching Institute Allen for $600 Million in India
Bodhi Tree Systems, a platform of James Murdoch’s Lupa Systems and Uday Shankar, former president of The Walt Disney Company, Asia Pacific, has picked up a strategic stake in ALLEN Career Institute, a premier coaching institute, for $600 million.
A statement issued by the two entities, however, did not mention the quantum of the stake purchase. The transaction comes barely a few days after Bodhi Tree announced leading a fund-raise with a consortium of investors to put in Rs 13,500 crore in Viacom18, to jointly build India’s leading entertainment platform.
The edtech sector has been seeing a rash of deals in recent times, the highlight being Byju’s decision to acquire Aakash Educational Services in April last year. The cash-and-stock deal was closed at almost $1 billion, making it one of the most expensive deals in the edtech space.