Aptech acquires MAAC for Rs76 crore
Moneylife Digital Team 28 January 2010

With the big-ticket acquisition of Maya Academy of Advanced Cinematics, Aptech has made a significant foray into the animation and multimedia education arena

Information technology training and education major, Aptech Ltd, in which ace investor Rakesh Jhunjhunwala has a major stake, has sealed a major buy-out in the animation and multimedia education space by acquiring Maya Academy of Advanced Cinematics (MAAC) for Rs76 crore, reports PTI.

Speaking to reporters today, Ninad Karpe, CEO and managing director of Aptech said, "This acquisition will make us an education powerhouse, give us scale and synergy as well as a significant market-share."

Mr Karpe said that the acquisition is through the takeover of 100% equity of Maya Entertainment Ltd (MEL), the parent company of MAAC. However, the issue of shares of Aptech Ltd is subject to approval of the shareholders of Aptech Ltd.

"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 Rs76 crore and the breakdown between the cash and equity components will be finalised very soon," Mr Karpe said.

The cash will be paid from the internal accruals of the company.

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

Comments
ArrayArray
Free Helpline
Legal Credit
Feedback