HT Media is buying out the stake of Apollo Global in their JV educational services firm
HT Media has agreed to buy out Apollo Global Singapore Holdings Pte Ltd‘s 49 per cent stake in India Education Services Pvt Ltd in joint venture.
HT Media will initially buy 49 per cent of Apollo Global’s stake in India Education Service for $9 million. The remaining 1% stake held by Apollo Global will be transferred to HT Media after five years, according to a stock market disclosure.
The transaction, which is not subject to any government or regulatory approvals, will be completed by the end of June. India Education Services will become a subsidiary of HT Media Ltd with 99 per cent equity ownership.
In December 2011, HT Media had partnered with the affiliate of Apollo Global, Inc. to form a 50:50 joint venture company to to provide educational services and programmes across the country.
At present,India Education Services operates Bridge School of Management with two centres in Noida and Gurgaon. The centres provide various online as well as in-person professional certificate programmes, including predictive business analytics, general management and project management.
HT Media, along with its subsidiaries, is primarily engaged in the publishing business,. It publishes Hindustan Times, Hindustan, and Mint, counts products like HT Education, HT Campus.com focuses on the guiding students towards their preferred careers.
It also runs learning centres, StudyMate, which aims at providing supplementary coaching to higher education students.
HT Media’s revenues from operations for the March quarter fell 7.7% to Rs 583.31 crore from Rs 631.58 crore in the same quarter the previous year. Its net profit declined to Rs 43.97 crore in the quarter from Rs 58.49 crore in the same period last year.