Blackboard Inc. today announced it has entered into a definitive agreement under which Blackboard will be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt.
Pursuant to the terms of the agreement, Blackboard’s stockholders will receive $45.00 in cash for each share of Blackboard common stock. The transaction represents a 21 percent premium over the closing price of $37.16 per share on April 18, 2011, the day before Blackboard publicly announced that it was evaluating strategic alternatives.
Blackboard Inc. is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard’s solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities.
Providence is the leading global private equity firm focused on media, communications, information services and education investments. The firms current education industry investments include Archipelago Learning, Ascend Learning, Catalpa, Edline, Education Management Corporation, and Study Group.
For additional information, see the full press release from Blackboard online.
