Bain Capital acquired PowerSchool (NYSE: PWSC), a Folsom, CA-based provider of cloud-based software for K-12 education, in a transaction valuing the company at $5.6 billion.
Under the terms of the agreement, PowerSchool stockholders will receive $22.80 per share in cash upon completion of the proposed transaction. Following the close of the deal, Vista Equity Partners and Onex Partners will continue to have minority investments in PowerSchool.
Upon completion of the transaction, the company’s common stock will no longer be publicly listed on the New York Stock Exchange, and PowerSchool will become a privately held company. Debt financing for the deal will be provided by Ares Capital Management, HPS Investment Partners, Blackstone Alternative Credit Advisors, Blue Owl Credit Advisors, Sixth Street Partners, and Golub Capital.
Led by Hardeep Gulati, Chief Executive Officer, PowerSchool is a provider of cloud-based software for K-12 education in North America which aims to empower educators, administrators, and families to ensure personalized education for every student journey. The company offers end-to-end product clouds that connect the central office to the classroom to the home with products including Schoology Learning and Naviance CCLR, so school districts can securely manage student data, enrollment, attendance, grades, instruction, assessments, human resources, talent, professional development, special education, data analytics and insights, communications, and college and career readiness.
PowerSchool supports over 55 million students and over 17,000 customers in more than 90 countries, including more than 90 of the top 100 districts by student enrollment in the United States.
FinSMEs
10/06/2024