Edtech giant BYJU’S made a $1 billion offer to acquire 2U Inc, a publicly traded edtech company in the United States.
The offer represents a 61 percent premium to 2U's NASDAQ closing price of $9.30 on Tuesday (June 29, 2022), and gives the edtech company an enterprise value of approximately $2 billion. 2U is currently valued at nearly $700 million, with debt and other liabilities totaling approximately $1 billion. BYJU'S is accelerating its global expansion through acquisitions, a strategy similar to how the Bengaluru-based startup expanded in India. As a result, BYJU'S was likely to make a bid for either 2U or Chegg Inc. (another US-based edtech startup listed on NASDAQ).