Bain Capital Agrees to Buy PowerSchool in $5.6 Billion Deal

Bain Capital has agreed to buy education software provider PowerSchool Holdings Inc. in a $5.6 billion deal.

The private equity firm will pay $22.80 a share in cash for Folsom, California-based PowerSchool, according to a statement on Friday. The offer represents a 37% premium to PowerSchool’s unaffected share price on May 7, the last trading day prior to media reports regarding a potential transaction.

PowerSchool, whose customers include most of the largest school districts in the US, offers cloud-based software that helps with teacher assessments, hiring and learning management. The company also attracted takeover interest from Warburg Pincus, Bloomberg ...