LONDON – General Atlantic Service Company LP (General Atlantic) has reached an agreement to acquire Learning Technologies Group plc (LTG), a market leader in digital learning and talent development. The acquisition will be carried out by Leopard UK Bidco Limited, a purpose-built company owned by funds managed by General Atlantic and subsidiaries.
Under the terms of the acquisition, LTG shareholders will receive 100p in cash for each LTG share, valuing the company at approximately £802.4m on a fully diluted basis. This represents a 34% premium to the closing price on September 26, 2024, the last business day before the start of the offer period.
The cash offer is 9.4 times LTG’s adjusted EBIT of £88.7m for the year ending 31 December 2023. Eligible shareholders can also elect to receive alternative securities instead of cash, although these securities will not be listed.
General Atlantic, a company with a significant history of technology investments, believes that LTG is well positioned to maintain and improve its position in the market with the right investment and portfolio optimization. The acquisition is also seen as a strategic move in light of emerging markets, including the impact of artificial intelligence on the industry.
LTG’s independent directors, advised by Goldman Sachs and Deutsche Numis, consider the cash offer to be fair and reasonable and intend to unanimously recommend that LTG shareholders accept the offer. The directors holding the shares have already committed to vote in favor of the scheme.
The acquisition is subject to the approval of LTG shareholders and the satisfaction of certain antitrust and foreign direct investment approvals. It is expected to be completed in the first quarter of 2025.
Andrew Brode, Chairman of LTG, and Simon Boddie, Sr Independent (LON:) LTG director, both commented positively on the acquisition, acknowledging the value it represents for shareholders and the company’s future prospects. Gil Badart, director at General Atlantic, expressed his enthusiasm for the partnership and the opportunity to support LTG’s growth ambitions.
This article is based on a press release.
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