Byju’s asset sale hangs fire amid investor flare-ups

economictimes.indiatimes.com:

sell assets, including Great Learning, has stalled amid mounting financial challenges stemming from term loan B (TLB) investor demands and discord with stakeholders, said potential buyers who have been approached. They are waiting in expectation of a lowering of the purchase price, they told ET.

Unlike Epic — which is also on the block — the sale of Great Learning is being overseen directly by its founder Mohan Lakhamraju, along with the TLB investors. Byju’s is seeking around $600 million from sale of the higher education asset but is yet to find a buyer with a binding term sheet.

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It is also yet to get a binding offer for Epic, underscoring troubles facing the Bengaluru-based startup on all fronts.

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The sale of Great Learning is key to repaying Byju’s $1.2-billion loan.

One person who was approached and has seen the proposal, said, “I am not sure how many companies will have $600 million cash to give out to buy any asset, in the current market, especially given the broader issues at the group level. Delaying will ensure a harder bargain amid the crises and, at the same time, there are