Providence Equity Partners Completes Acquisition of Blackboard

Blackboard Inc. BBBB today announced the completion of its acquisition by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion in enterprise value, plus the assumption of approximately $136 million in debt. As previously announced, the transaction was approved by Blackboard stockholders at a special meeting of stockholders held September 16, 2011. Pursuant to the terms of the acquisition agreement, Blackboard stockholders will receive $45.00 in cash for each share of Blackboard common stock. The transaction represents a 21 percent premium over the closing price of $37.16 per share on April 18, 2011, the day before Blackboard publicly announced that it was evaluating strategic alternatives.