Blackboard shareholders agree to $1.6B takeover
Education technology company Blackboard Inc. said Monday that its shareholders overwhelmingly approved an agreement to be acquired by an investor group led by affiliates of Providence Equity Partners for $45 per share, or $1.64 billion
The deal also calls for Providence to assume about $130 million in net debt.
Shareholders representing 24.8 million shares, or 70 percent of the total outstanding, voted in favor of the deal at a special meeting on Friday. The deal was announced in early July.
The consummation of the deal remains subject to customary closing conditions.
Blackboard shares fell 9 cents to $44.22 in after-hours trading Monday after shareholder approval of the deal was announced. Shares closed down a penny at $44.31 in the regular session.