Byju's Eyes EdTech 2U At ~61% Premium: Bloomberg

  • Indian online education provider Byju's has offered to buy 2U Inc TWOU for $15 a share in cash, valuing the edtech company at more than $1 billion, reported Bloomberg, citing a person familiar with the matter.
  • The report noted the offer was made last week to 2U's board. The offer represents a 61% premium to 2U's closing price of $9.30 on the Nasdaq on Tuesday.
  • Byju's, one of the world's most valuable startups with backing from Tiger Global Management and Mark Zuckerberg's Chan Zuckerberg Initiative, is accelerating its expansion globally through acquisitions, writes Bloomberg.
  • 2U has a current market value of $717 million and about $1 billion in debt and other liabilities.
  • According to the report, Byju's has obtained more than $2.4 billion in finance for whichever deal it pursues as it seeks to accelerate its growth and global expansion.
  • Price Action: TWOU shares are trading higher by 17.96% at $10.97 during the premarket session on Wednesday.
  • Photo Via Company

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