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Goldman Sachs, the global banking titan, announced on Monday that its ambitious plan to acquire Kahoot ASA - a frontrunner in educational apps - for a staggering 17.2 billion Norwegian kroner (approx. $1.6 billion) has secured antitrust blessings from Austria's and Germany's watchdogs.

The nod from the Austrian Federal Competition Authority and the German Federal Cartel Office propels Goldman's private equity division, under Goldman Sachs Asset Management, closer to their target. These regulatory seals of approval, however, come amid silence from the authorities when approached for statements.

Goldman Wins Antitrust Approvals : Awaiting Global Green Lights

While it's a 'go' in Europe, the banking giant is now on the lookout for green signals from the U.S., Turkey, and China. Riding on optimism, Goldman's equity wing anticipates these nods by mid-October.

This acquisition saga began back in July when a consortium of heavyweight investors led by Goldman Sachs declared its intent to acquire Kahoot for 17.2 billion Norwegian kroner, valuing each share at 35 kroner.

 A Deeper Dive into Kahoot

Hailing its origin from 2012, Kahoot quickly became synonymous with game-based learning platforms for eager minds. Its exponential growth trajectory is evident from its soaring sales, which jumped from $91.2 million in 2021 to approximately $146 million in 2022.

Behind this educational giant stand notable shareholders. Among the most prominent is the U.S. equity firm General Atlantic, which is also investing in the acquiring consortium. The team further comprises of Glitrafjord AS, helmed by Kahoot's leadership, and Kirkbi Invest AS, a legacy from The Lego Group's founder, Kirk Kristiansen.

Legal Luminaries on the Field

Goldman Sachs has assembled an all-star legal team for this acquisition, roping in White & Case LLP, Advokatfirmaet Wiersholm AS, Sullivan & Cromwell LLP, and Linklaters LLP. On the other side of the aisle, Kirkbi seeks counsel from Advokatfirmaet BAHR AS, Morgan Lewis & Bockius LLP, and Macfarlanes LLP. Meanwhile, Kahoot's defense is fortified by Advokatfirmaet Thommessen AS.

To spearhead the acquisition, Goldman engineered the formation of Kangaroo BidCo AS, a Norwegian limited liability company.

As the drama unfolds, Kahoot's board has expressed unanimous favor for the Goldman's offer, pinning their decision on sound financial advice. However, the ultimate play lies in the hands of Kahoot's shareholders. To seal the deal, acceptance from over 90% of them is crucial, as per the offer's fine print.