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Investment funds managed by investment firm KKR (NYSE:KKR) have agreed to acquire education software company Instructure Holdings (NYSE:INST) for $23.60 per share in an all-cash deal valued at an enterprise value of about $4.8B, Instructure said on Thursday.
The per-share purchase price represents a premium of 16% over Instructure’s unaffected share price of $20.27 as of May 17, 2024, the last day prior to media reports on a potential transaction.
With participation from Dragoneer Investment Group, KKR (KKR) will buy all outstanding (INST) shares, including those shares owned by Instructure’s existing majority owner, Thoma Bravo, the investment firm that took the company public in 2021.KKR is making its investment in Instructure through its North America Fund XIII.
The Instructure management team, led by CEO Steve Daly, will continue to lead the company in their current roles.
The deal is expected to close later this year. It has been approved by Instructure (INST) board, but still needs the green light from stockholders holding a majority of the outstanding voting securities.
Upon completion of the transaction, (INST) common stock will no longer be listed on the New York Stock Exchange and Instructure will become a privately held company. The company will remain headquartered in Salt Lake City.
In premarket trading, (INST) gained 1.4%, while (KKR) edged up 0.2%.
Bloomberg reported earlier this month that (KKR) has emerged as the front-runner to acquire (INST).
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