(Bloomberg) -- KKR & Co. has agreed to acquire educational software provider Instructure Holdings Inc.
The buyout firm will pay $23.60 a share in cash for Salt Lake City-based Instructure, according to a statement on Thursday. That represents a roughly 4% premium to the company’s last closing price and values Instructure at about $4.8 billion including debt.
Instructure had been working with an adviser after receiving takeover interest, Bloomberg News reported previously. KKR was seen as a frontrunner to acquire the US-listed company, people familiar with the matter have said.
Shares of Instructure have fallen about 16% in New York this year, giving the company a market value of about $3.3 billion.
Founded in 2008, Instructure provides software to help schools and teachers with planning learning schedules and monitoring student performance. Private equity firm Thoma Bravo holds more than 80% of the company’s stock, data compiled by Bloomberg show. KKR, with participation from Dragoneer Investment Group, will acquire all outstanding shares, including those owned by Thoma Bravo, according to Thursday’s statement.
A take-private of the company is the second involving an education software provider in quick succession. Bain Capital agreed in June to buy PowerSchool Holdings Inc. in a $5.6 billion deal.
JPMorgan Chase & Co. is lead financial adviser and Macquarie Capital is a financial adviser to Instructure. Morgan Stanley, Moelis & Co. and UBS Group AG are working with KKR.
--With assistance from Gillian Tan.
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