mumbai, March 27 -- UpGrad is finalizing Unacademy's acquisition at a more than 90% markdown from its edtech rival's 2021 valuation and also below what it was willing to accept in the previous round of negotiations, said four people in direct knowledge of the development. The all-stock deal is likely to value Unacademy at around Rs.2,055 crore (about $245 million), said the people quoted earlier, speaking on the condition of anonymity as details are not public yet. The edtech firm was valued at $3.4 billion in 2021, and upGrad had proposed a valuation of $300-400 million in November before the talks collapsed in January. upGrad's own valuation remains unchanged at around Rs.17,000 crore, though it has fallen in dollar terms from $2.2 billion in its last funding round to roughly $1.8 billion due to currency movements. This roughly translates to 0.12 upGrad shares for every Unacademy share, the people quoted earlier said. The companies refused to share valuations when they announced the deal. UpGrad and Unacademy did not respond to Mint's queries sent on Wednesday. The acquisition was announced earlier in March after months of on-and-off negotiations. Unacademy has been on the block for over a year, with multiple sale discussions failing due to valuation expectations. Its troubles reflect the broader slowdown in the edtech sector, with investors funding firms selectively. The transaction is expected to take two to three months to close, subject to regulatory approvals....