Norway's Kahoot to buy U.S. tech firm Clever for up to $500 mln

Kahoot ASA

06/05/2021 08:33

OSLO, May 6 (Reuters) - Norwegian e-learning group Kahoot
 KAHOT.OL  said on Thursday it has agreed to buy U.S. education
technology company Clever for up to $500 million in cash and
stock.
    With Clever, students get a digital classroom with access to
online tools, while Kahoot is best known for its multiple-choice
quiz platform.
    Both firms have seen their business soar after the COVID-19
pandemic forced lockdowns across much of the world, and are
betting that the adoption of digital tools in schools will have
a lasting impact.  urn:newsml:reuters.com:*:nL8N2LG3PU
    "The partnership between two of the most popular platforms
in education, with distinct and highly complementary offerings,
will provide improved learning solutions and offerings to U.S.
schools," Kahoot said in a statement.
    The deal will also accelerate the global expansion of
Clever's solutions, it added.
    Kahoot Group will acquire 100% of the shares in Clever Inc.
for an enterprise value of between $435 million and $500 million
on a cash and debt-free basis, including a performance-based
element for 2021 and 2022, the Norwegian company said.
    Around 82% of the payment will be in cash, with the
remaining 18% in Kahoot's Oslo-listed stock.
    Kahoot, which counts Japan's SoftBank  9984.T  as a major
owner and also reported its first-quarter earnings on Thursday,
rose 4.8% in early trade on the Oslo Bourse.  urn:newsml:reuters.com:*:nFWN2MS1WB

 (Reporting by Terje Solsvik, editing by Gwladys Fouche)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70; Reuters
Messaging: terje.solsvik.thomsonreuters.com@reuters.net))