SkillSoft | USsPost.com
February 12, 2010 by Post Team
SkillSoft | USsPost.com:SkillSoft a provider Irish e-learning services, said on Friday it had agreed to sell itself to a consortium of private equity firms for about $ 1.1 billion in cash.
Sale signs of this type of private equity deal is expected to strike in these days: a deal with a small number of companies spread risk through mutual cooperation. Then it also comes at the end of a week is difficult for private equity firms, many of the plenary presentations by companies portfolio delayed.
Under the terms of the deal, and a group of investors – including Berkshire Partners, the advent of international and Bain Capital – will pay $ 10.80 for each share or American depositary share of SkillSoft. Price represents the addition by 9.6 percent, at SkillSoft declarations closing share price on Thursday.
Lower price SkillSoft ‘s52 – week high of $ 10.99, but is in addition 26 percent year-on-1 – the average share price.
“We believe that the best deal for shareholders, the offer represents an attractive addition to our history and trade, as all of the money supply, and provide liquidity for shareholders,” said Chuck Moran, SkillSoft, chief executive, said in a statement. “We consider this deal as an endorsement of the SkillSoft leadership and success has been achieved through the commitment of a dedicated team over many years.”
SkillSoft will remain headquartered in Dublin, with Mr. Moran and the current management team to stay in place.
And organized and are being sold a scheme of arrangement under Irish law, which requires the consent of a majority in number of shareholders and SkillSoft vote by 75 percent in the value of share holders of SkillSoft.
SkillSoft reported by the Bank of Credit Suisse and law firms WilmerHale, William Fry. Investors Union was advised by Morgan Stanley, Barclays Bank, law firm Ropes and Gray and Mason Hayes + Curran.
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