Pluralsight, Inc., an American online education company, has recently entered a definitive agreement to be acquired by a global investment firm, Vista Equity Partners. The all-cash transaction was valued at over $3.5 billion.
As per the terms of the acquisition deal, Vista and its institutional co-investors such as Partners Group will take over all the outstanding shares of the common stock of Pluralsight for $20.26 per share. Furthermore, the purchase price represents a premium of around 25% of its VWAP (volume-weighted average price) of the closing stock for 30 trading days before the acquisition announcement.
Moreover, the agreement was unanimously recommended and approved by a Transaction Committee and later approved by the Board of Directors at Pluralsight. Under the agreement terms, Pluralsight’s shareholders will obtain $20.26 in cash per share of the common stock.
Gary Crittenden, lead independent director of Pluralsight, has reportedly cited that the deal demonstrates the value and reputation created by the company’s team of experts. Global enterprises have been relying on its solutions to drive technology skills, rapidly innovate, and meet the core objectives. Through Vista’s support, it will be significantly positioned to provide enhanced value to the customers.
According to Pluralsight’s co-founder & CEO, Aaron Skonnard, the company will be able to accelerate its strategic vision and offer deep & robust solutions through the recent deal, which will help companies thrive and adapt in the digital age. It will also leverage the expertise of Vista to further boost its market-leading position.
The deal is likely to be closed in the 1st half of 2021 and is subject to several customary closing conditions, as well as the approval of Pluralsight’s shareholders & receipt of regulatory approvals.
Qatalyst Partners served as the financial advisor to Pluralsight, with Wilson Sonsini Goodrich & Rosati & Professional Corporation as the legal counsel. On the other hand, Morgan Stanley & Co. LLC served as Vista’s financial advisor, with Kirkland & Ellis LLP as the legal counsel.