The Hindu Business Line : Core Projects buys K12 unit of Princeton Review

Mumbai, Dec. 29 Education solutions provider Core Projects & Technologies said on Monday that it has acquired the K12 Education unit of the US-based NASDAQ listed firm, The Princetown Review Inc (TPR), for $20 million or Rs 97.5 crore.

This acquisition will be funded through debt being raised by the city-based company’s US-based subsidiary, Core Education & Consulting Solutions (CECS), according to a communication sent to the bourses.

The inorganic move will add approximately $24 million to Core’s global revenues and is expected to yield an EBITDA of 24 per cent in the first dull year of operation.

Math & reading

Post the completion of this acquisition, products and solutions such as assessment centre, custom assessment construction, SideStreets (in Math and Reading) will be added to Core’s repertoire of offerings.

Founded in 1981, the Princeton Review offers private tutoring and classroom and online test preparations. It works with school districts around the US and authors more than 200 print and software titles on test preparation, college and graduate school selection and admissions, and related topics, the statement from Core said.

Core currently does business with 17 States in the US and over 1,000 schools in the UK. The core technologies scrip was up by 5.38 per cent to close at Rs 47.05 on the BSE on Monday.

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