PE firm to buy Instructure

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Giving into pressure from one of its shareholders pushing for a sale, private equity investment firm Thoma Bravo is buying education software firm Instructure in an all-cash deal for around US$2bn.

Stockholders of the company will receive US$47.60 in cash per share, a discount of about 10% to Instructure’s closing price of US$52.96 on 3 December.

Shares of the company were down about 10% at US$47.85 in pre-market trading.

New York-based Sachem Head Capital Management has been buying Instructure’s shares over time, but the exact size of its position could not be determined.

JPMorgan and Cooley will be serving as Instructure’s financial and legal advisers for the deal. Kirkland & Ellis is serving as legal adviser to Thoma Bravo.

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