Byju’s Said to Offer Over $1 Billion for 2U to Expand in US
- Offer of about $15 a share would represent a 61% premium
- India’s biggest online-class provider accelerates global push
The BYJU'S learning app.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Indian online-education provider Byju’s has offered to buy 2U Inc. in a cash deal that values the US-listed edtech company at more than $1 billion, a person familiar with the matter said.
Byju’s made the offer of about $15 a share to 2U’s board last week, said the person, who asked not to be named as the bid isn’t yet public. The offer represents a 61% premium to 2U’s closing price of $9.30 on the Nasdaq on Tuesday and gives the Lanham, Maryland-based company an enterprise value of about $2 billion.