Byju's In Talks To Sell US Unit Epic For $400 Million To Joffre
NDTV
The potential sale of Epic! Creations Inc. would help Byju's raise funds to pay down a disputed $1.2 billion term loan.
Troubled Indian education provider Byju's is in advanced talks to sell its US-based kids' digital reading platform for about $400 million to Joffre Capital Ltd., seeking funds to ease its financial pressures.
The potential sale of Epic! Creations Inc. would help Byju's raise funds to pay down a disputed $1.2 billion term loan, people familiar with the matter said. Other bidders, including Duolingo Inc., have also expressed interest in buying the platform, they said, asking not to be named as the information isn't public.
Byju's and its creditors are locked in conflict over a missed interest payment on a term loan that the startup had taken out to help finance a global acquisition spree during the pandemic. The startup had made a surprise repayment proposal to lenders to pay back the entire $1.2 billion loan in less than six months through asset sales, Bloomberg News reported in September.
