Friday, July 01, 2011

Blackboard Sold

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.

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