{"id":272114,"date":"2022-08-23T18:30:37","date_gmt":"2022-08-23T13:00:37","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=272114"},"modified":"2022-08-23T18:30:37","modified_gmt":"2022-08-23T13:00:37","slug":"khaitan-co-advises-upgrad-education-private-limited-in-relation-to-acquisition-of-76-share-capital-of-harappa-learning-private-limited","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/23\/khaitan-co-advises-upgrad-education-private-limited-in-relation-to-acquisition-of-76-share-capital-of-harappa-learning-private-limited\/","title":{"rendered":"Khaitan &#038; Co advises upGrad Education Private Limited in relation to acquisition of 76% share capital of Harappa Learning Private Limited"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<table style=\"border-collapse: collapse; table-layout: auto; width: 200.0mm; border-style: none;\">\n<colgroup>\n<col width=\"1\" \/>\n<col width=\"171\" \/>\n<col width=\"4\" \/>\n<col width=\"90\" \/>\n<col width=\"51\" \/>\n<col width=\"180\" \/>\n<col width=\"183\" \/>\n<col width=\"76\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" rowspan=\"2\" valign=\"top\">\n<table style=\"border-collapse: collapse; table-layout: auto; width: 47.7mm; border-style: none;\">\n<colgroup>\n<col width=\"180\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"vertical-align: middle; width: 47.7mm; border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"middle\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold;\">DEAL DETAILS<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" rowspan=\"2\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"7\" valign=\"top\">\n<table style=\"border-collapse: collapse; table-layout: auto; width: 198.84mm; border-style: none;\">\n<colgroup>\n<col width=\"751\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"background-color: #d3d3d3; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; font-weight: bold;\">UpGrad Education Private Limited | Acquisition of Harappa Learning Private Limited<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"1\" valign=\"top\"><\/td>\n<td style=\"border-color: #000000; border-style: hidden;\" colspan=\"7\" valign=\"top\">\n<table style=\"border-collapse: collapse; table-layout: auto; width: 198.84mm; border-style: none;\">\n<colgroup>\n<col width=\"47\" \/>\n<col width=\"198\" \/>\n<col width=\"506\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"background-color: #d3d3d3; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold;\">NO<\/p>\n<\/td>\n<td style=\"background-color: #d3d3d3; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold;\">HEADINGS<\/p>\n<\/td>\n<td style=\"background-color: #d3d3d3; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; text-align: center; font-weight: bold;\">DETAILS<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">1.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">Sector<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">Education Services<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">2.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Announcement Date<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">22-Jul-2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">3.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Completion Date<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">4.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Name of Client<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">upGrad Education Private Limited<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">5.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Acquirer Details<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">upGrad Education Private Limited | India<\/p>\n<p style=\"line-height: normal;\">upGrad is in the business of facilitating higher education and industry relevant programs through a technology platform, and spans across segments like test prep to study abroad, and undergrad degrees to campus courses in 250 universities.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">6.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Target Details<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Harappa Learning Private Limited | India<\/p>\n<p style=\"line-height: normal;\">Engaged in the business of training individuals for the development of cognitive social, emotional and behavioural competencies or other similar or complementary competencies by way of pedagogical and\/ or assessment.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">7.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Deal Description<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Advised upGrad Education Private Limited in relation to: (a) acquisition of 76% share capital of Harappa Learning Private Limited, through secondary purchase from existing shareholders, as a combination of cash and share deal; and (b) terms and conditions for the subsequent merger of Harappa Learning Private Limited with and into upGrad Education Private Limited.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">8.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Total Consideration<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">USD 390 million<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">9.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Team Members<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">The core team consisted of Monika Srivastava (Partner), Sanchit Agarwal (Partner), Nikita Bhuwania (Principal Associate), Prerna Kapur (Associate) with assistance from the following:<\/p>\n<p style=\"line-height: normal;\">Assisted in the Intellectual Property Law aspects: Sourav Dan (Principal Associate), Rhea Ghanshani (Associate)<\/p>\n<p style=\"line-height: normal;\">Assisted in the Employment Law aspects: Abhimanyu Pal (Principal Associate), Kruthi Murthy (Senior Associate)<\/p>\n<p style=\"line-height: normal;\">Assisted in the legal due diligence of the Target: Jubin Jay (Associate), Manikya Manaswini (Associate), Shubhang Upadhyay (Associate)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">10.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Role of Firm<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">The scope of work included advising on transaction structure, conducting a detailed legal due diligence, drafting, negotiation and finalization of transaction documents, including term sheet, share purchase, share swap and merger implementation agreement, employment agreements, etc. and assisting with signing and closing of the transaction.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">11.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Financial Advisors<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Transaction Square (for upGrad Education Private Limited)<br \/>\nErnst &amp; Young (for Harappa Learning Private Limited)<br \/>\nPricewaterhouseCoopers (for Bodhi Tree Systems VCC)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">12.<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Other legal advisors if any<\/p>\n<\/td>\n<td style=\"border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal;\">Cyril Amarchand and Mangaldas (for Harappa Learning Private Limited)<\/p>\n<p style=\"line-height: normal;\">AZB &amp; Partners (for Bodhi Tree Systems VCC)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DEAL DETAILS UpGrad Education Private Limited | Acquisition of Harappa Learning Private Limited NO HEADINGS DETAILS 1. 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Acquirer Details upGrad Education Private Limited | India upGrad is in the business of facilitating higher education and\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-1-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-1-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-1-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-1-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/07\/MicrosoftTeams-image-1-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266559,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/06\/khaitan-co-advised-upgrad-education-private-limited-in-relation-to-acquisition-of-53-73-share-capital-of-insofe-education-private-limited\/","url_meta":{"origin":272114,"position":1},"title":"Khaitan &#038; Co advised upGrad Education Private Limited in relation to acquisition of 53.73% share capital of INSOFE Education Private Limited","author":"Bhumika Indulia","date":"May 6, 2022","format":false,"excerpt":"Khaitan & Co advised upGrad Education Private Limited in relation to acquisition of 53.73% share capital of INSOFE Education Private Limited. 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