M&A · Tech · Services-Prepackaged Software
KKR & Co. Inc. to acquire Instructure Holdings, Inc.
Announced Jul 25, 2024 · Closed Nov 13, 2024
Deal value$4.80BEV $4.80B
Premium16.0%To unaffected price
EV / Adj. EBITDA24.2x8.6x EV / Revenue
ConsiderationAll cash$23.60 per share
Transaction
- Acquirer
- KKR & Co. Inc. (KKR)
- Target
- Instructure Holdings, Inc. (INST)
- Buyer type
- Private equity
- Offer price per share
- $23.60
- Enterprise value
- $4.80B
- Status
- Closed Nov 13, 2024
Deal protections
- Break fee (target pays)
- $109M · 2.3%
- Reverse fee (buyer pays)
- $218M · 4.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley, Moelis, UBS
- To the target
- JPMorgan, Macquarie
Sector context · Tech
- Comparable deals
- 56 in the prior 24 months
- Premium
- 16.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 24.2x vs. 15.5x sector median
- Break fee
- 2.3% vs. 3.0% sector median
Timeline
- AnnouncedJul 25, 2024
- Proxy filedAug 26, 2024
- Definitive proxySep 5, 2024
- Shareholder vote—
- ClosedNov 13, 2024