upGrad to acquire Unacademy in all-stock deal that includes a break fee

Unacademy and upGrad have signed a term sheet for upGrad to acquire the edtech firm in a 100% share-swap deal. The valuation of the transaction will only be disclosed once the deal closes and filings are completed. Unacademy CEO Gaurav Munjal said he will continue in his position as part of the deal, which also includes a break/termination fee.