UK's Learning Technologies agrees to $1 bln buyout by General Atlantic (updated)
04/12/2024 09:29
(Adds offer details, background throughout, stock movement in
paragraph 3)
Dec 4 (Reuters) - UK's Learning Technologies Group (LTG)
LTGL.L on Wednesday agreed to be acquired by U.S. private
equity firm General Atlantic in a deal which values the company
at about 802.4 million pounds ($1.02 billion).
Under the deal, LTG shareholders will receive 100 pence
per share in cash, a premium of 34% to the stock's closing price
of 74.9 pence on Sept. 26, the last business day before the
start of the offer period.
Shares of the company rose as much as 7% following the
announcement, hitting their highest level since June 2023.
The deal comes amid a flurry of merger and acquisition
activity in Britain in recent days.
Last week, automotive components supplier TI Fluid
TIFS.L
agreed
to a 1.04 billion pound takeover by Canada's ABC
Technologies.
LTG entered deal talks with General Atlantic in late
September as its revenue declined due to companies reducing
their overall spending on learning and talent development amid a
weaker economic environment.
LTG, which provides corporate training tools including
mobile apps and training videos, said in a statement that its
independent directors intend to unanimously recommend the deal
to shareholders.
($1 = 0.7893 pounds)
(Reporting by Yamini Kalia and Aby Jose Koilparambil in
Bengaluru; Editing by Varun H K)
((Yamini.Kalia@thomsonreuters.com;))