Dewey, Weil Lead $1.6B Blackboard Sale To Providence

Law360, New York (July 1, 2011, 2:16 PM EDT) -- Educational software company Blackboard Inc. said Friday that it would be acquired by a group of investors led by affiliates of private equity firm Providence Equity Partners for $1.64 billion in cash.

The deal, which will see Blackboard shareholders receive $45 for each share of common stock they own, also includes the assumption of $130 million in Blackboard's debt, the companies said.

"This compelling transaction is the result of a comprehensive evaluation of our strategic alternatives, and we firmly believe it delivers significant value to all...
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