SkillSoft (SKIL) Agrees To $1.1 Billion Purchase

SkillSoft plc (Nasdaq: SKIL) announced on Friday morning that its board of directors had approved a deal for the software company to be acquired by a private equity consortium.

SkillSoft will be acquired for $10.80 per share in cash, or about $1.1 billion, by a new company formed by funds sponsored by Berkshire Partners, Bain Capital Partners and Advent International.

SkillSoft said that the sale price is a 26% premium above the average closing stock price over the year to Feb. 11.

The headquarters of SkillSoft will remain in Dublin, Ireland, as will the current management team, including CEO Chuck Moran.

SkillSoft closed on Thursday at $9.76 per share.