Everonn calls off Centum deal, mulls biz recast
Everonn in August last had signed a term sheet agreement with Centum to buyout all of the issued and paid up share capital of the Bharti company. In return, the Bharti Family Office was to receive a combination of cash and equity shares in Everonn. The Bharti Family Office manages investments made by the promoters of the Bharti Group in their personal capacity. Both the parties had refused to divulge financial details of the deal at that point of time.
In a regulatory filing, Everonn on Wednesday said both parties have mutually agreed not to extend the validity of the term sheet and, accordingly, the term sheet stands cancelled. The term sheet was suppose to get terminated on expiry of 120 days from the date of term sheet unless it was extended by mutually written agreement of both the parties.
Centum has a presence in 20 countries across Africa and South Asia with experience in the training and skill development domain across 21 industry verticals. The coming together of two players was aimed at creating an organisation with a portfolio spanning education, corporate training and skill development. In addition, Everonn was hoping to get into the key emerging economies across South Asia and Africa.
Everonn, touted to be the largest VSAT education network in the world, has plunged into red with its losses mounting to
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