General Atlantic will acquire Learning Technologies Group (LTG), a British workplace digital training provider, for US$1 billion.
The deal will give LTG shareholders UK£1 per share in cash, a 34% premium on the stock’s closing price before General Atlantic’s bid was first announced.
“The Board has considered the Proposal and concluded that the cash value of the Proposal is at a value that the Board would be minded to recommend unanimously to LTG shareholders”, LTG said in September when announcing the offer.
The companies first mentioned the possibility of an acquisition in September, with LTG saying it was conditionally approached by General Atlantic.
General Atlantic had previously approached LTG about an offer, according to LTG.
LTG has reported difficulties with companies’ online training content use declining. The company said it would cut its full-year outlook after a 12% fall in interim revenues in September.
General Atlantic already has several investments in educational technology companies, including stakes in Duolingo, quiz game Kahoot!, and Indian exam preparation platform Unacademy.
General Atlantic acquired Actis, a sustainable infrastructure investor, in October. According to General Atlantic, this purchase expanded its “diversified investment platform to approximately US$97 billion in assets under management, based on valuations as of June 30, 2024, across sectors, regions, and strategies”.
LTG (LON: LTG) is listed on the London Stock Exchange, though General Atlantic plans to take the company private. LTG’s share price closed at UK£98.50 after the announcement, up from a previous close of £92.00. Its market cap is UK£728.6 million.