Blackstone invested ₹13.5 billion (US$190 million) in the test preparation education company, Aakash Educational Services (AESL), picking up a 37.5% stake in the company.
“The transaction was complex and riveting,” S&R partner Mohit Gogia told India Business Law Journal. “It involved issuance of equity shares with differential voting rights to investors linked to certain agreed events.”
AESL is India’s largest medical test preparation provider with a network of more than 200 centres across 130 cities, teaching more than 250,000 students. Blackstone says the stake acquisition will allow AESL access to its expertise and network, in addition to expanding its digital capabilities in education technology. The transaction has received the requisite approval from the Competition Commission of India.