Education company Zee Learn today said it has signed an agreement to invest Rs 200 crore for acquisition of 44.53 per cent stake in MT Educare through preferential allotment of equity shares.
The company will make an open offer as required for execution of the pact.
"The execution of definitive agreements has triggered the requirement to make an open offer and the regulations therewith will be complied," Zee Learn said in a statement.
The transaction is subject to fulfilment of customary closing conditions and regulatory approvals.
"The acquisition of MT Educare is aligned with our strategy to increase our footprint across segments in the education sector and consolidate our offerings through the digital route," Zee Learn CEO Debshankar Mukhopadhyay said.
Post acquisition, Zee Learn's education offerings on a consolidated basis would reach around 3.50 lakh students, making it one of the biggest education companies globally in terms of number of students served, he added.
Zee Learn is an Essel Group company with chain of K-12 schools (MLZS - Mount Litera Zee Schools) and pre-school (Kidzee), among others, in its portfolio.
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