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The Silicon Review Asia

Rs 1,600 Crore Deal: Hong Kong-based Nord Anglia Education Buys Hyderabad’s Oakridge International

Rs 1,600 Crore Deal: Hong Kong-based Nord Anglia Education Buys Hyderabad’s Oakridge International

Oakridge Internationalhas been taken over by Nord Anglia Education for a whopping Rs 1,600 crore, The Economic Times Reported.

Oakridge International is one of Hyderabad’s premier private schools and Nord Anglia Education is a Hong Kong-based company. The deal was concluded only weeks ago but it was reported on Friday.

“While the deal was signed a few weeks ago, the proprietors sent out a communication to the Hyderabad CEOs’ Forum on February 5,” said a city industrialist, who is part of this exclusive group. “It states that the existing proprietors have exited and the school is now part of the Nord Anglia Education family, a global organisation with more than 60 premier K-12 schools in more than 30 countries.” The industrialist was quoted as saying by ET.

When contacted by the newspaper, the school management refused to share any details. Although sources familiar with the matter revealed that the chain of schools has been bought over for this much of an amount. The report said the deal is one of the biggest in the education sector in the city.

The source is associated with the newspaper.

The chain of schools is managed by People Combine, an education and management company. It was set up by two Indian School of Business alumnus, Naga Prasad Tummala and Y V Rajasekhar, about two decades ago.

Mr.Rajasekhar, when contacted by ET, declined to comment but admitted to a shift in management: “We cannot say it’s been sold… but there is some change in the People Combine management. We will let you know details later.” He was quoted as saying by ET.

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