Carlyle and New York Life in talks for $100m Everonn PIPE
The Carlyle Group and New York Life Capital Partners are in talks to buy a stake in India's largest technology-enabled education firm, Everonn Education, for $100 million.
If it goes through, the PIPE deal could be the largest ever PE investment in the Indian education sector.
The Business Standard reported that the preliminary due diligence has been completed and the final deal structure is under negotiation, which could see more than INR500 million ($100 million) deployed through primary and secondary market transactions
An investment will probably result in a dilution of the stakes the management holds in the company and Carlyle and New York Life are expected to take shares in subsidiaries Everonn Medical Education and Everonn Skill Development. The latter firm is a joint venture between Everonn and the National Skill Development Corporation, which holds 27%.
Everonn's founder, P Kishore, who was arrested in September for bribing a tax official, owns a 8.5% stake in the parent company.
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