(Reuters) - KKR & Co ( KKR ) will take education software platform Instructure Holdings ( INST ) private for $4.8 billion, the private equity firm said on Thursday.

The buyout heralds a potential resurgence in private equity activity, following a period of dormancy due to elevated interest rates that had hindered debt financing for leveraged buyouts.

The deal for Instructure ( INST ) follows a similar transaction in which Bain Capital agreed to acquire PowerSchool Holdings for $5.6 billion.

KKR's offer price of $23.60 per share represents a premium of about 16% to the closing price before Reuters reported in May that Thoma Bravo was exploring a sale of Instructure ( INST ).

Thoma Bravo holds nearly 84% of the company's outstanding shares, according to LSEG data, and had taken the company private in 2020 for $2 billion.

The private equity firm returned Instructure ( INST ) to the stock market a year later through an initial public offering.

Reuters reported earlier this month that KKR and Francisco Partners were among the companies competing to buy the software firm that offers a learning management system.

The company's flagship learning management system is called Canvas and competes with programs such as Google Classroom, Blackboard Learn and Schoology.

Earlier this year, Instructure ( INST ) completed the acquisition of academic credential management platform Parchment for $835 million.

(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)