MUMBAI: The IT education and training services provider Aptech Ltd has agreed to buyout the animation and multimedia education company Maya Entertainment Ltd (MEL) for an enterprise value of Rs 760 million in cash and stock deal.

With the deal in place, Aptech will expand its footprint in the animation education business with 70 Maya Academy of Advanced Cinematics (MAAC) centers. Aptech has around 150 centers under Arena Multimedia brand. 
 
Aptech said that its board has approved the proposal to acquire up to 100 per cent of the share capital of MEL, subject to the execution of necessary definitive agreements.

Aptech will issue 2.25 million preferential shares to some of the MEL shareholders as part of the deal, the company said. It will also issue new shares by way of preferential allotment to certain shareholders of MEL.
 
At present, Enam Securities holds 45 per cent stake in MEL while Bhukhanwala Holdings holds 20 per cent and Intel Capital, with three rounds of funding, around 12 per cent.