Aug 10 (Reuters) - Brazil's Arco Platform said on Thursday it has entered into an agreement with private equity firms General Atlantic L.P. and Dragoneer Investment Group to take the education software firm private for a total enterprise value of about $1.5 billion.
Investment entities affiliated with General Atlantic and Dragoneer Investment have agreed to buy all of the outstanding Class A common shares of Arco not held by them or the founders for $14 per share in cash without interest, Arco said.
The purchase price represents an about 55% premium over the closing price on November 30, 2022, when the company disclosed the bidders for its acquisition proposal, according to Refinitiv data.
General Atlantic and Dragoneer had initially proposed a deal to take Arco private last year.
The merger is currently expected to close in the fourth quarter of 2023 or the first quarter of 2024, subject to various closing conditions, Arco said.
(Reporting by Lavanya Ahire in Bengaluru; Editing by Dhanya Ann Thoppil)
