Providence To Buy Blackboard For $1.6B

An investor group led by affiliates of Providence Equity Partners will buy U.S. education software maker Blackboard.

An investor group led by affiliates of Providence Equity Partners will buy U.S. education software maker Blackboard. The transaction, which is valued at around $1.64 billion, plus the assumption of about $130 million in net debt, is expected to be completed during the fourth quarter of this year.

BofA Merrill Lynch, Deutsche Bank and Morgan Stanley provided debt financing commitments. Barclays Capital acted as financial advisor to Blackboard’s Board of Directors.

Click here for the release from Providence.