Chennai-based education services provider Everonn Education on Wednesday announced the acquisition of Centum Learning, which is Bharti Group’s education venture. “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 Bharti Family Office manages investments made by the promoters of the Bharti group in their personal capacity,” Everonn said in a statement without disclosing the deal size.
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. The deal is expected to be a big one in the Indian education space after TutorVista, sold a 59% stake to to UK-based publishing and media group Pearson for R577 crore last year. Everonn had reported a loss of R63.03 crore during the fourth quarter ended March 31, 2012 compared with profit of R26.2 crore, during the same period last year.