Edtech company Veranda Learning Solutions said it had signed a definitive agreement to acquire JK Shah Education through its subsidiary Veranda XL Learning Solutions. The first tranche of the two-phase deal will pay 76% of the outstanding capital, totalling Rs 337.82 crore.

Currently, the Target Company operates in 75 centres in 39 cities and is headquartered in Mumbai. The 39-year-old company also claims to be one of India’s largest test preparation institutions.

Following the acquisition, Professor JK Shah will continue to serve as chairman of the board for life. InCredMAPE and KPMG are buy-side advisors, while InCorp Advisory is the sell-side advisor to the deal.