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Skillsoft to Acquire Codecademy Online Learning Platform for USD 525m.

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MANews-(C)2009-2021

New Hampshire, US-based corporate digital learning company Skillsoft (NYSE: SKIL) has agreed to acquire New York-based online learning platform Codecademy for USD 525m in cash and stock, the company said.

Under the terms of the agreement, Codecademy shareholders will receive total consideration of approximately USD 525m. The consideration for the transaction is approximately 40% cash and 60% equity.

In connection with the transaction, Skillsoft has secured committed financing from Barclays and Citigroup. The company expects pro-forma net leverage at closing to be approximately 4x, consistent with Skillsoft's previous statements regarding leverage following a transformative acquisition.

Transaction expected to be immediately and significantly accretive to revenue and bookings growth with substantial cross-selling opportunities

Codecademy provides high-demand technical skills to approximately 40m registered learners.

The platform offers interactive, self-paced courses and hands-on...

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