The sale will also help Think & Learn Pvt. Ltd, which runs Byju’s, weed out businesses that it does not consider central to its long-term goals, the people said on condition of anonymity.
The two assets may together fetch Byju’s around $800 million to $1 billion, which will be used to advance the repayment of its outstanding term loan B (TLB), one of the two people said.
Byju’s had paid around $800 million to acquire Epic! Creations Inc. and Great Learning Education Pte. in a mix of equity and cash at the peak of the startup boom in 2021. The cost excludes milestone-based payments, which have not materialized.
“It (Byju’s) also won’t be a Mongol empire anymore. It won’t be a large and unwieldy group," the person said.
A Wall Street investment bank is arranging the sale of Epic, the person said, adding Byju’s has already received a few term sheets and expects to earn around $400-$550 million for the reading platform. Epic is likely to be sold first, the people said, declining to name the potential buyers.
“There will be some profit, maybe not a large one," the first person added, on both assets.
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