The transaction, anticipated to close in the second half of 2024, is subject to regulatory approvals. PowerSchool’s board, advised by its special committee, has approved the merger, and stockholders holding a majority of the outstanding shares have also given their approval.
PowerSchool’s platform serves over 55 million students and 17,000 customers across more than 90 countries. The company will continue operating independently after the acquisition.
“We look forward to working with PowerSchool to accelerate the company’s growth while strengthening its commitment to help educators and students realize their full potential,” stated Max de Groen, a partner at Bain Capital.
Centerview Partners LLC is acting as the exclusive financial adviser to Bain. Debt financing will be provided by Ares Capital Management, HPS Investment Partners, Blackstone Alternative Credit Advisors, Blue Owl Credit Advisors, Sixth Street Partners, and Golub Capital. Goldman Sachs & Co. serves as the exclusive financial adviser to PowerSchool.
