Aptech to acquire Maya Entertainment for Rs76 crore
28 Jan 2010
IT education services company Aptech today said it is acquiring educational animation and multimedia maker Maya Entertainment Ltd. (MEL), in deal valued at Rs76 crore.
Based in Mumbai, Maya Entertainment is one of the largest in digital content production and education services provider in India with revenues of over Rs100 crore, with over 400 employees spread across the country.
''With this acquisition, Aptech has moved further in its strategy of becoming a global education powerhouse<" said Ninad Karpe, CEO and MD, Aptech.
The company offers diploma courses in visual effects and animation through its Maya Academy of Advanced Cinematics's (MAAC) that has over 60 company-owned, semi-owned and franchisee centres in India and the Middle East.
Mumbai-based Aptech said that the Rs76-crore deal is structured to include a cash payout as well as issue of equity shares of Aptech to the shareholders of MEL. Issue of shares is subject to approval of Aptech shareholders, and regulatory approvals.
Aptech will issue 2.25 million shares at a face value of 10 rupees each to some shareholders of Maya Entertainment as a part consideration of acquisition of shares in MEL.