Blackboard to be taken private in $1.64B deal

Jul 01, 2011

(AP) -- Educational software maker Blackboard is being taken private for $1.64 billion in cash by an investor group led by affiliates of Providence Equity Partners.

Under the deal's terms announced Friday, shareholders of Blackboard will receive $45 for each share of Blackboard they own. The price represents a 21 percent premium over the stock's closing price on April 18, the day before the company said it was considering a sale. The stock closed Thursday at $43.39.

The investor group has also agreed to take on $130 million in Blackboard's debt.

Blackboard's board of directors has unanimously approved the deal, but and regulators must still approve the terms. The buyout will be financed through a combination of stock and debt. Bank of America-Merrill Lynch, Deutsche Bank and Morgan Stanley provided debt financing commitments.

Earlier this year, Blackboard acquired the 90 percent of educational services provider Presidium Inc. that it didn't already own for $53 million in cash.

The company's acquisition by the investor group is expected to close in the last three months of this year. Blackboard's will remain in place.

Blackboard Inc. is based in Washington, D.C.

Explore further: Weibo IPO below expectations, raises $285.6 mn

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Microsoft prices $1.15B convertible debt sale

Jun 09, 2010

(AP) -- Microsoft Corp. has priced its $1.15 billion convertible debt offering to institutional investors, and said it will use the proceeds to pay down short-term debt.

LinkedIn looking for $32 to $35 per share in IPO

May 09, 2011

(AP) -- Professional networking website LinkedIn Corp. hopes to sell its stock for $32 to $35 per share in an upcoming initial public offering. Its IPO may encourage other growing Internet services to make ...

AT&T to buy T-Mobile USA for $39 bn

Mar 20, 2011

AT&T agreed to buy T-Mobile USA from Germany's Deutsche Telekom for $39 billion in a blockbuster deal in the wireless telecom sector, the two companies announced Sunday.

Simmons plans to file for bankruptcy protection

Sep 25, 2009

(AP) -- Simmons Co., the maker of Beautyrest mattresses, said Friday that it plans to file for Chapter 11 bankruptcy protection in a move that will put new owners in charge of the bedding unit and significantly lower the ...

Deutsche Telekom shares soar on AT&T deal

Mar 21, 2011

Shares in Deutsche Telekom soared more than 10 percent on Monday as investors welcomed the planned sale of the German firm's T-Mobile USA unit to AT&T in a $39-billion deal. ...

Recommended for you

Weibo IPO below expectations, raises $285.6 mn

5 hours ago

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

'Chief Yahoo' David Filo returns to board

7 hours ago

Yahoo announced the nomination of three new board members, including company co-founder David Filo, who earned the nickname and formal job title of "Chief Yahoo."

Fired Yahoo exec gets $58M for 15 months of work

7 hours ago

Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

IBM posts lower 1Q earnings amid hardware slump (Update)

16 hours ago

IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exacerbated by weaker demand in China and emerging markets.

User comments : 0

More news stories

Net neutrality balancing act

Researchers in Italy, writing in the International Journal of Technology, Policy and Management have demonstrated that net neutrality benefits content creator and consumers without compromising provider innovation nor pr ...

Cosmologists weigh cosmic filaments and voids

(Phys.org) —Cosmologists have established that much of the stuff of the universe is made of dark matter, a mysterious, invisible substance that can't be directly detected but which exerts a gravitational ...

Bionic ankle 'emulates nature'

These days, Hugh Herr, an associate professor of media arts and sciences at MIT, gets about 100 emails daily from people across the world interested in his bionic limbs.