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Clearlake’s Discovery Education to acquire PE-backed DreamBox Learning

Discovery Education, a global education technology company backed by Clearlake Capital Group, has agreed to acquire DreamBox Learning, an education technology provider serving more than six million students and 600,000 educators in the US. 

Financial terms of the deal, which will see DreamBox Learning’s current investors Elliott Investment Management and TPG’s The Rise Fund retain minority stakes in the company, have not been disclosed.

Discovery says the addition of DreamBox Learning’s intelligent adaptive learning technology to the Discovery Education suite will provide educators and students with more options for engaging, personalised learning experiences across a variety of disciplines.

Sidley Austin LLP served as legal advisor to Discovery Education. Moelis & Company LLC acted as lead financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to DreamBox Learning on the transaction.

The transaction is expected to close in the fourth quarter of 2023, pending customary regulatory approval and the satisfaction of customary closing conditions.

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