According to the deal, Tree House’s shareholders will get 53 shares of Zee Learn for every 10 shares held. The companies cited that they have similar line of business activities as the reason behind the amalgamation.
Early this month, the two firms had disclosed that they were in talks for a possible merger. The deal will make the combined entity the largest pre-school chain in India.
Zee Learn operates the country’s largest pre-school chain under the Kidzee brand with 1,350 centres, entirely through franchisees, and the second-largest K-12 school chain under Mount Litera with 87 centres. Zee Learn also runs 31 institutes of vocational training under ZEE Institute of Creative Art and a centre under Zee Institute of Media Arts.
PE-backed Tree House had 720 pre-schools in 103 cities. Of these, 611 are self-operated while the rest are franchisees. It also offers educational services and runs 24 K-12 schools.