A newly formed platform backed by James Murdoch and Former Broadcast Executive Uday Shankar, ‘Bodhi Tree Systems’ has completed the acquisition of a 36% stake in Allen Career Institute, a Test preparation centre right after two months, signing the deal.
As per the reports, on May 1st Bodhi Tree had reached an agreement to obtain a significant minority stake in Kota-headquartered Allen for $600 million. On Friday, July 1st, the deal was closed, said two people with direct knowledge of the matter.
One of the people said that Bodhi Tree has picked up a 36% stake, while the promoters—the Maheshwari family—will continue to have a majority stake. Also, there will also be an ESOP pool for the employees.
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