Bain offered to pay US$22.80 per share to take the New York-listed company private in a deal valuing the education software firm at US$5.6 billion. The companies expect the deal to close in the second half of 2024, subject to regulatory approvals. (The Logic)

Talking point: PowerSchool’s owners, Toronto-based private equity firm Onex Capital and Austin-based Vista Equity Partners, would retain a minority stake in the company following the transaction. The two firms—which collectively own about 63 per cent of PowerSchool, according to Bloomberg—took the firm public in 2021 at a US$3.5 billion valuation. That value has since fluctuated as high as US$5.5 billion and a low of US$1.8 billion. Bain’s bid represents a 37 per cent premium on PowerSchool’s May 7 closing price, the last day before media reports began circulating of a possible deal.