Providence Equity to Acquire Blackboard (BBBB) for $45/Share

Blackboard Inc. (Nasdaq: BBBB), has entered into an agreement to be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt.

Pursuant to the terms of the agreement, Blackboard's stockholders will receive $45.00 in cash for each share of Blackboard common stock.

Closing is expected in Q411.

The transaction will be financed through a combination of equity and debt. BofA Merrill Lynch, Deutsche Bank and Morgan Stanley provided debt financing commitments.

Barclays Capital acted as financial advisor to the Board of Directors and provided a fairness opinion in connection with the transaction. Dewey & LeBoeuf LLP acted as legal advisor to the Board of Directors in connection with the transaction. Weil, Gotshal & Manges LLP served as legal counsel to Providence in connection with the transaction.

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