Providence Equity Partners related stories
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Providence Equity Closes $1.88 Bln Buy of SRAProvidence Equity Partners has completed its $1.88 billion buy of SRA International. SRA provides technology and strategic consulting services government organizations and commercial clients. The deal was announced in April.
- Providence’s Ascend Buys PrepMe Adaptive Learning
All of a sudden, private equity can’t stop taking notice of education deals. The week after KKR’s new education platform made its first deal, Providence Equity Partners-backed Ascend Learning acquired PrepMe Adaptive Learning, the Chicago-based publisher of online courses and educational materials. PrepMe was founded by Avichal Garg and Karan Goel. Terms of the deal were not disclosed.
- SRA Shareholders Approve Providence Equity's $1.88 Bln Takeover
SRA International said Friday that shareholders have voted to approve the takeover by Providence Equity Partners. At the special meeting of shareholders, 94.7% of the total outstanding shares of SRA's common stock, and 81.3% of the total outstanding shares of Class A common stock voted to approve the merger. SRA, in April, announced that Providence had agreed to pay $1.88 billion to buy SRA, a provider of technology and strategic consulting services.
- PAG Capital Asia Nets $1.7B For Fund
PAG Capital Asia, a private equity fund launched by former TPG Capital executive Weijian Shan, has raised more than $1.7 billion, Reuters reported. The firm aims to close its PAG Asia I LP in a couple of months with about $2.5 billion in commitments, Reuters said. Shan is one of a slew of high-profile private equity executives who departed global firms in recent months in favor of start-up China-focused funds.
- TPG Capital Adds Bain MD for China Team
(Reuters): TPG Capital has hired one of Bain Capital's Chinese dealmakers as competition for deals -- and the players who source them -- heats up in China's booming private equity market, sources familiar with the matter said on Tuesday. Jingsheng Huang, a Shanghai-based managing director who had been with Bain since 2005, will start in his new role in late August, said one of the sources, who declined to be named because the matter was not yet public.
- Providence-Blackboard Deal Near
Reuters reported that Blackboard, the Washington, D.C.-based education software maker, is nearing a deal to be acquired by Providence Equity Partners. Specifics on the transaction were not revealed, but a consortium of debt providers would include BAML, Morgan Stanley, and Deutsche Bank.
- Slideshow: Top 10 PE-backed Deals This Year
Worldwide M&A increased 40% to $1.4 trillion for global announced transactions, according to data from Thomson Reuters. Surprisingly, second quarter's results showed a slow down. Second quarter announced M&A dropped 22% to $611 billion from Q1's $791 billion, Thomson Reuters said. Buyouts were more positive. Globally, PE-backed M&A hit $112.2 billion during the first half of this year, a 40% boost from the same time period in 2010. U.S. targets accounted for 41% of first half activity, Thomson Reuters said. There's been a lot of talk about when large LBOs will return. We have yet to see a $10 billion-plus deal hit the market. We did get close, though (you have to look at the list to find out). So what was were the largest buyouts this year? Here's a ranking of the top 10 PE-backed transactions so far in 2011, according to Thomson Reuters.
- Providence Equity Partners In Talks for Blackboard
Buyout shop Providence Equity Partners is in talks to buy learning software maker Blackboard Inc., Reuters reported. Blackboard, based in Washington DC, hired Barclays Capital in April to advise it on unsolicited, non-binding acquisition proposals. A deal could happen as early as next week, Reuters said.
- peHUB First Read
Ya Blew It! Botched turnaround costs Radio Shack S&P 500 membership http://blogs.forbes.com/steveschaefer/2011/06/23/botched-turnaround-costs-radioshack-sp-500-membership/ The Quickbar Strikes Back! Twitter plots more aggressive ad strategy http://www.ft.com/cms/s/2/dcd35ed2-9dbc-11e0-b30c-00144feabdc0.html#axzz1QBqnLa3t Dealing: Providence Equity Partners in exclusive talks http://dealbook.nytimes.com/2011/06/23/providence-nears-a-deal-for-blackboard/ for Blackboard That Was a Breeze: Wind turbine company Danotek http://www.xconomy.com/detroit/2011/06/23/wind-turbine-supplier-danotek-closes-in-on-20m-series-b-financing/ snaps up more funding