Monday, December 29, 2008

CORE PROJECTS MAY ACQUIRE PRINCETON’S K12 FOR RS 125 CRORE

Apurv Gupta, Mumbai, December 29, 2008
The Economic Times

Core Projects and Technologies is in advanced stages to acquire K12 Education Division, part of US-based Princeton Review, one of the leaders in online education. The deal size is estimated to be around $20-25 million, or about Rs 100-125 crore, according to sources close to the development.

Although senior Core Projects officials declined to comment on the transaction, people close to the development said that Mumbai-based Core plans to finance the acquisition through debt. An email query sent to Core didn’t elicit any response. Nasdaq-listed Princeton Review’s K12 has revenues of approximately $25-30 million.

Headquarted in New York, The Princeton Review is a pioneer in education and offers private tutoring and classroom and online test preparations. It works with school districts around the US and authors more than 200 print and software titles on test preparation, college and graduate school selection and admissions, and related topics. An email sent to The Princeton Review also didn’t elicit any response.

Core Projects also offers a wide range of services in the education domain. Besides expanding its products and solutions offerings globally, Core will cross sell its newly acquired products and solutions to existing clients. Princeton Review’s K12 is a well-known brand around the globe.

0 comments: