Blackboard to be Acquired by Providence Equity Partners for $45.00 Per Share in Cash Totaling $1.64B

Blackboard Inc. BBBB today announced it has entered into a definitive agreement under which Blackboard will be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 billion, plus the assumption of approximately $130 million in net debt. Pursuant to the terms of the agreement, Blackboard's stockholders will receive $45.00 in cash for each share of Blackboard common stock. The transaction represents a 21 percent premium over the closing price of $37.16 per share on April 18, 2011, the day before Blackboard publicly announced that it was evaluating strategic alternatives.