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: Visa, MasterCard moving into mobile pay in Africa

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

Visa, MasterCard moving into mobile pay in Africa

19 hours ago

Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years. Now payment processors Visa and MasterCard want to get a slice of that market, and are ...

Wireless show highlights: Eyes on Apple, Blackberry

20 hours ago

As a major wireless show continues this week in Barcelona, Spain, Apple is highlighting the capabilities of its iPhone cameras with a gallery of photos taken by its users around the world.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.