Instructure’s $4.8 Billion KKR Sale Draws Suit Seeking Deal Info

Thoma Bravo LLC had self-dealing reasons for steering Instructure Holdings Inc. toward a $4.8 billion bid from KKR & Co. rather than a more lucrative sale to Francisco Partners Management LP, according to a shareholder lawsuit.

A pension fund is suing Instructure over the transaction, seeking corporate files to investigate allegations that the deal prioritized Thoma Bravo’s exit window ahead of the interest of public investors in maximizing the sale price. The private equity giant owned roughly 83% of the education technology business when it engineered the acquisition, according to Thursday’s filing in Delaware’s Chancery Court.

“Rather than maximizing ...