New Delhi, July 8 -- The Competition Commission of India (CCI) has approved upGrad's proposed acquisition of Unacademy, removing a key regulatory hurdle for one of the sector's largest merger deals in recent years.

CCI approved the transaction under Section 31(1) of the Competition Act, 2002, covering upGrad's acquisition of a stake in Sorting Hat Technologies Private Limited, Unacademy's parent company, and the subsequent merger of Sorting Hat into upGrad Education. A detailed order from the regulator is expected to follow.

The acquisition was first announced in April and later submitted for CCI approval in May. Structured as an all-share transaction, the deal is expected to value Unacademy at around Rs.2,055 crore (approximately $218 ...