Blackboard, the web-based collaboration platform, this morning made it official: the provider of software to the education market accepted a $45-a-share cash takeover bid from a group led by Providence Equity Partners. The deal is worth $1.64 billion, plus the assumption of about $130 million in net debt. The Wall Street Journal last week had reported that the company was close to a deal with Providence. Blackboard had begun looking at strategic alternatives in March 2011. The deal, which is subject to holder approval, is expected to close in Q4.
Press release here.
No comments:
Post a Comment