Everonn Education Limited is in talks to acquire 65 schools from ICFAI at Rs 250- 300 Cr.

The acquisition will be done through Everonn's wholly owned subsidiary Everonn Business Education Limited.

This will be under the IIPS branch, which is handling the business management education.

ICFAI is planning to sell 135 schools in all.

The deal will be finalized on August 19, 2010.

Transaction Reference: Moneycontrol

Everonn Business Education Limited focuses on creating business schools at under graduate, graduate, post graduate and PhD levels as well as on networking existing business schools through VSAT, Internet, IPTV and 3G technologies.

EBEL also creates content and knowledge resources for business schools along with publishing books, journals and periodicals for existing business education students.

It is planning to open 500 Indigrow Institute of Professional Studies (IIPS) centers by 2015. The company would invest Rs 1 Cr in each centre.

The Indian education sector has seen a few M&A deals this year. Edserv Softsystems Ltd acquired 100% stake in Sparkling Mind and an e-learning firm Smartlearn Telcomp Pvt. Ltd. In Jan, it bought SchoolMATE.

Teamlease Services Pvt Ltd acquired majority stake in IIJT Computer Education Ltd while Career Launcher India picked up a minority stake in Chennai-based 361 Degree Minds Pvt Ltd.

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