MAYA Entertainment, the film and animation studio company promoted by Ketan Mehta and Deepa Sahi, has sold its education business, Maya Academy of Advanced Cinematics (MAAC), to Aptech in a transaction valued at Rs 76 crore. The deal will include a cash payout as well as issue of Aptech equity shares to shareholders of Maya Entertainment.
"The value of Rs 76 crore has been frozen but discussions are still on how much will be paid out as cash and how much will be equity,â€ Aptech CEO and MD, Ninad Karpe, said. He said the cash will be paid through internal accruals. As on December 31, 2009, Aptech had around Rs 30 crore cash on books.
MAAC imparts training in animation and visual effects.
The acquisition will expand Aptechâ€™s animation education and training business, which operates under the â€˜Arenaâ€™ brand name. However, the brand identity of MAAC will be maintained even after the acquisition. â€œWe will follow dual brand strategy. There are overlaps but we will continue with the differentiation. MAAC is a fairly strong brand name and they have an evolved curriculum. The acquisition will give us the advantage of scale of operations,â€ Mr Karpe said. Aptech is present in 35 countries and the Arena brand in 15. MAAC has 70 centres as compared to Aptechâ€™s 700.
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