The largest merger in Indian corporate history has opened up the education finance market for private equity giant EQT. As part of HDFC Bank’s union with its parent, HDFC Ltd will sell 90% stake in HDFC Credila to a consortium consisting of EQT’s Asian unit, BPEA EQT and Chrys Capital. The deal values Credila, which specialises in education financing for students seeking higher education in the United States, the UK, and Canada, at roughly $1.2 billion and is forecast to see education loans for that segment hit $85 billion by 2024, up from the current $40 billion. The buyers will also inject INR20 billion ($265 million) into Credila, which is expected to give the company, already a market major, an edge over rivals including state-controlled banks and the Warburg Pincus-backed Avanse Financial Services.
India Puts $1 Billion in Bet on Education Industry Acquisition
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