An investor group led by affiliates of Providence Equity Partners has acquired Blackboard. The group has paid about $1.64 billion in cash and has assumed approximately $136 million in debt for the acquisition. Blackboard stakeholders will get $45 in cash for each share of its common stock. Blackboard will remain headquartered in Washington and continue to be headed by its current senior management team.
Steve Alesio will become chairman of the board. On the transaction, Barclays Capital served as financial adviser to Blackboard and Bank of America Corp., Merrill Lynch & Co., Deutsche Bank Securities and Morgan Stanley & Co. advised Providence and provided debt financing.
Click here for the release from PR Newswire.