Global private investment firm KKR is to acquire Salt Lake City-based edtech Instructure Holdings in a take private deal valued at $4.8bn. Under the terms of the all-cash deal, Instructure shareholders will receive $23.60 per share.
The offer represents a 16% premium over Instructure’s share price of $20.27 as of 17 May 2024, the last trading day before news of the potential acquisition broke.
KKR, along with Dragoneer Investment Group, will acquire all outstanding shares of Instructure, including those owned by Thoma Bravo, the current majority owner, which took the company public in 2021. The deal has been unanimously approved by Instructure’s Board of Directors and is expected to close later this year, pending customary regulatory approvals and shareholder consent.
Upon completion, Instructure will become a privately held company and its shares will no longer trade on the New York Stock Exchange.
Instructure’s existing management team, led by CEO Steve Daly, will continue to lead the company.
KKR plans to support Instructure in increasing investment in technology and innovation across its global learning platform, which includes core products like Canvas and Parchment.
