Core Projects acquires Princeton Review Inc for $20 mn

Core Projects acquires Princeton Review Inc for $20 mn
PTI
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First Published: Mon, Dec 29 2008. 12 09 PM IST
Updated: Mon, Dec 29 2008. 12 09 PM IST
Mumbai: Core Projects & Technologies, a global education management systems provider, on Monday said it has acquired a unit of US-based education firm The Princeton Review for $20 million (about 97.5 crore).
The acquisition of firm would be funded by debt, being raised by its US subsidiary Core Education & Consulting Solutions Inc, the company said in a filing to the Bombay Stock Exchange.
The buyout of the K-12 division of The Princeton Review (TPR) will add about $24 million to the global revenues of the company, Core Projects & Technologies said.
According to the company, this deal, which will be completed by its US subsidiary, includes the acquisition of products and solutions, along with management team of TPR.
Under the terms of acquisition, Core can use the TPR brand for two years to market the acquired products in the United States, the United Kingdom and India, it said.
Headquartered in New York, The Princeton Review Inc offers private tutoring, classroom and online test preparation for students.
Shares of the company surged nearly 4% and were trading at Rs46.45 in the morning trading on the BSE.
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First Published: Mon, Dec 29 2008. 12 09 PM IST