Billionaire Sunil Bharti Mittal- founded Bharti today said it will sell training solution firm Centum Learning to Everonn for an undisclosed sum of cash and a stake in Everonn.
"Everonn will, subject to the receipt of the necessary regulatory approvals, acquire all of the issued and paid up share capital of Centum. In return, the Bharti Family Office will receive a combination of cash and equity shares in Everonn," the two firms said in press statements.
The Bharti Family Office manages investments made by the promoters of the Bharti Group in their personal capacity.
The deal will create an organisation with a robust portfolio spanning education, corporate training and skill development.
No financial details about the transaction were provided.
"With this acquisition, Everonn will expand its reach in the Indian training space by adding corporate training, the flagship product of Centum, as a new vertical, while other business segments will seamlessly integrate with the existing verticals of Everonn," Everonn Education Director and GEMS Education India CEO Rakesh Sharma said.
The deal will also provide Everonn a gateway to the African continent with Centum's presence in over 17 countries, he added.
"Everonn will be in a position to take its education products and services to these countries and will be the first significant step in Everonn becoming a major global player in its space," Sharma said.
Centum is working with over 350 global corporations for their training requirements and has more than 170 centres in 150 cities.
"This transaction is in line with our stated objective of focussing our energies on our core businesses through which we are making a deeper impact both in India and abroad.
We believe Everonn is well positioned to take Centum to the next level and we will continue to support them towards the same," Centum Chairman Rakesh Bharti Mittal said.
Everonn has one of the largest VSAT education networks in the world and its technology enabled education content covers students from pre-school to B-schools. Everonn is also into the vocational training space.