Core Projects in demand on US firm acquisition

MUMBAI: Shares of Core Projects climbed more than 5 per cent after the firm said it has bought a unit of US-based education company, The Princeton Review, for $20 million.

The acquisition of firm would be funded by debt, being raised by its US subsidiary Core Education & Consulting Solutions Inc, the company said in a filing to the Bombay Stock Exchange.

The buyout of the K-12 division of The Princeton Review will add about $24 million to the global revenues of the company, Core Projects & Technologies said.

According to the company, this deal, which will be completed by its US subsidiary, includes the acquisition of products and solutions, along with management team of TPR.

Under the terms of acquisition, Core can use the brand for two years to market the acquired products in the United States, the United Kingdom and India, it said.

Headquartered in New York, The Princeton Review Inc offers private tutoring, classroom and online test preparation for students.

At 1 pm, the stock rose 4.37 per cent at Rs 46.60 on BSE.