08:29 AM EDT, 06/07/2024 (MT Newswires) -- (Updates to include additional details in the second to fourth paragraphs.)

PowerSchool Holdings ( PWSC ) said Friday it has agreed to be acquired by Bain Capital (BCSF) in a deal valued at $5.6 billion.

Under the terms of the agreement, PowerSchool ( PWSC ) shareholders will receive $22.80 per share in cash, a 37% premium over its unaffected share price of $16.64 as of May 7, the last trading day before media reports about a potential deal.

The company said Vista Equity Partners and Onex Partners will continue to have minority stakes in PowerSchool ( PWSC ).

The acquisition is expected to close in the second half of 2024, after which PowerSchool ( PWSC ) will become a privately held company.

Price: 22.33, Change: -0.04, Percent Change: -0.18