- Indian online education provider Byju's has offered to buy 2U Inc (NASDAQ:TWOU) for $15 a share in cash, valuing the edtech company at more than $1 billion, reported Bloomberg, citing a person familiar with the matter.
- The report noted the offer was made last week to 2U's board. The offer represents a 61% premium to 2U's closing price of $9.30 on the Nasdaq on Tuesday.
- Byju's, one of the world's most valuable startups with backing from Tiger Global Management and Mark Zuckerberg's Chan Zuckerberg Initiative, is accelerating its expansion globally through acquisitions, writes Bloomberg.
- 2U has a current market value of $717 million and about $1 billion in debt and other liabilities.
- According to the report, Byju's has obtained more than $2.4 billion in finance for whichever deal it pursues as it seeks to accelerate its growth and global expansion.
- Price Action: TWOU shares are trading higher by 17.96% at $10.97 during the premarket session on Wednesday.
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