Chennai: Edtech firm Veranda Learning informed the stock exchanges on Tuesday that its agreement with Hyderabad-based Advanced Educational Activities (T.I.M.E) to acquire 100% stake in the latter stands terminated.
“The completion of acquisition was subject to fulfilment of conditions precedent and other terms agreed upon in the SPA by a mutually agreed long stop date. The transactions could not be consummated by the long stop date. Accordingly, the SPA has now been terminated by the parties,” Veranda Learning said in a statement to the exchanges. Veranda Learning had announced the acquisition of T.I.M.E.for a consideration of 287 crores in April.
Veranda Learning chairman and executive director Kalpathi S Suresh told TOI that the transaction lapsed since all the conditions precedent to the acquisition could not be completed by the long stop date pre-determined by the parties. He also said that Veranda “expects to re-engage” with T.I.M.E on the acquisition.
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