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Bain Capital to purchase edtech PowerSchool in $5.6B deal


EdTech

Bain Capital purchase edtech PowerSchool 5.6B

In a $5.6 billion deal, PowerSchool Holdings, a provider of cloud-based software for K–12 education, will be acquired by private multi-asset alternative investment firm Bain Capital.

As per the agreement, PowerSchool shareholders will get paid $22.80 in cash for each share once the planned purchase closes. The purchase price per share is 37% more than PowerSchool's unaltered share price of $16.64 on May 7, 2024, the last trading day before news of a possible deal broke.

A press release claims that PowerSchool serves more than 17,000 clients and 55 million students in more than 90 countries. The business will continue to run independently, and customer support and commercial activities will carry on as usual.

Onex Partners and Vista Equity Partners will maintain their minority stakes in PowerSchool.

PowerSchool has sought advice from the esteemed legal firm Kirkland & Ellis, as well as the renowned financial institution Goldman Sachs & Co. In addition, the distinguished law firm Freshfields Bruckhaus Deringer LLP and the esteemed financial advisory firm Centerview Partners have been enlisted to provide their expertise to the PowerSchool board of directors special committee. Bain Capital is being advised by Ropes & Gray.

HPS Investment Partners, Blackstone Alternative Credit Advisors, Ares Capital Management, Blue Owl Credit Advisors, Sixth Street Partners, and Golub Capital are also set to provide debt financing for the deal.


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