Education software provider SkillSoft PLC said Friday it has agreed to be purchased by a private investor group for about $1.1 billion.
SkillSoft shareholders will receive $10.80 in cash for each ordinary share or American Depositary share they own, which is an 11 percent premium to the company's Thursday closing stock price of $9.76 and a 26 percent premium to the average closing price of its ADS over the past year ended on Thursday.
The investor group looking to buy SkillSoft was created by funds sponsored by Berkshire Partners LLC, Advent International Corp. and Bain Capital Partners LLC.
SkillSoft will continue to be based in Dublin, Ireland with CEO Chuck Moran and the existing management team remaining.
SkillSoft's board unanimously approved the transaction and plans to recommend shareholders approve the deal.