Online Learning Platform Nerdy to Go Public Via Merger with TPG SPAC.
MANews-(C)2009-2021
US-based curated gig economy online learning platform Nerdy Inc has entered into an agreement to become a public company through a business combination with special purpose acquisition company TPG Pace Tech Opportunities (NYSE: PACE), the company said.
TPG Pace Tech Opportunities is sponsored by alternative asset firm TPG.
Nerdy has built an online learning destination that enables the delivery of scaled live learning for people of all ages across thousands of subjects and multiple learning formats.
Nerdy's multi-format learning destination covers more than 3,000 subjects and includes one-on-one instruction, live small and large group classes and adaptive self-study tools.
The company's proprietary platform leverages AI and a rich database of past learning interactions to source, evaluate and match top experts to learners, ensuring a high-quality experience on both sides of the network.
Nerdy's marketplace offers experts flexibility and collaborative tools for connecting with learners, and the opportunity to earn income from the convenience of home.
TPG also has experience in enabling marketplace businesses to scale and transitioning companies from the private to public market, having helped take 56 companies public since 2011.
The firm launched the TPG Pace Group in 2015 to sponsor SPACs and other permanent capital solutions for companies driving positive change and has successfully completed five SPAC IPOs to date.
The business combination values Nerdy at a post-money equity value of approximately USD 1.7bn.
Upon closing of the transaction, and assuming no redemptions by TPG Pace Tech Opportunities...
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