Byju’s Buys Blackstone-Backed Offline Test Prep Firm Aakash

Byju’s, India’s dominant edtech startup, is acquiring offline test prep leader Aakash Educational Services to accelerate offline growth, it said in a statement on Monday.

The deal is valued at about $1 billion, said people familiar with the details, asking not to be identified. India’s online edtech leader will combine forces with the three-decade-old, Blackstone Group Inc.-backed Aakash in a deal that involves about $600 million in cash and the remainder in stock, according to the people.

Read more: Byju’s to Pay $1 Billion for Blackstone-Backed Indian Tutor

“As 12 months of the pandemic have shown, there’s a clear ...