Byju’s SPAC plan looks shaky

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Editor's note: Byju’s plan to list in the US through a special purpose acquisition company (SPAC) is yet to be sewn up. After months of negotiations with multiple SPAC partners—including advanced-stage talks with Michael Klein’s Churchill Capital—the company has still not finalized a partner and is looking at multiple options. Three people The Morning Context spoke with said that Byju’s public listing has hit a roadblock and might not materialize soon, or this year at all.  On 16 December, Bloomberg reported that the Bengaluru-based company—India’s largest education technology company, with a valuation north of $21 billion—had discussed a SPAC merger with Michael Dell’s MSD Acquisition Corp. and Altimeter Capital Management, and was the farthest along in working out an agreement with Michael Klein’s Churchill Capital. Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion, the people said. The startup was valued at $21 billion, according to market research firm CB Insights. While an announcement could come as soon as January, the negotiations are not final. Byju’s or Churchill could …