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Permira wraps up Renaissance Learning auction

20 Oct 2011

The ongoing bidding war for Renaissance Learning being fought between London-based private equity firm Permira and US education giant Plato has finally been concluded, with Permira emerging as the favourite.

In a statement this week, the company confirmed that Permira had acquired all of the outstanding shares of Renaissance Learning, and has subsequently been delisted from the Nasdaq stock market.

Last week news reports said that the company had received a revised offer of about $496m from education giant Plato which it said it would consider, after rejecting the company’s previous bid of $471m in favor of a lower offer from Permira.

Although financial terms of the deal were not disclosed, Plato’s $496m bid valued Renaissance at $16.90 per share. Shares on Nasdaq closed yesterday at $16.62.

Renaissance Learning provides technology-based school improvement and student assessment programmes to around 70,000 primary and secondary schools in the US, UK and Canada. It employs around 900 staff and recently posted annual revenues of $136m.

Also this week, Permira finalised an agreement with listed mobile technology company Alcatel-Lucent to acquire its Genesys corporate call centre software unit for $1.5bn.

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