General Atlantic Close To Buying U.K.’s Learning Technologies For $1 Billion

27 Sep 2024 by Robert Olsen · Forbes

Anton Levy has led General Atlantic's investments in leading technology companies since 1988.Getty Images

Learning Technologies Group (LTG) looks set to become the latest in a string of takeovers of British companies.

The London-listed company said Friday that it was “minded to recommend unanimously to LGT shareholders” a cash offer of £1 per share from U.S. private equity firm General Atlantic. The offer values LTG at about £792 million ($1 billion).

LGT’s shares surged 28% higher to 96 pence after news of the offer emerged. The London-listed company said the proposal follows earlier approaches from General Atlantic to LGT’s board.

LGT said its shareholders would be given an option to choose an unlisted equity alternative which would give them the opportunity to re-invest their stock and co-invest in General Atlantic's unlisted acquisition vehicle.

LGT provides training to governments and corporate clients using digital tools. The group operates in more than 30 countries across North and South America, Europe and the Asia-Pacific.

General Atlantic, which has more than $83 billion in assets under management, is known for making big bets on fast-growing tech companies. The firm’s notable investments include Airbnb, Alibaba, Mercado Libre, Facebook, Slack and Uber.

In June, Forbes recognized General Atlantic’s success by naming its co-president, managing director, and chairman of global technology investing, Anton Levy, to the Midas List of Top Tech Investors for 2024.

U.S. private equity firms have been acquiring British businesses in recent years due to combination of depressed valuations on London’s bourse and the weak pound.

Apollo Global Management snapped up British parcel delivery company Evri for £2.7 billion in July, and Thoma Bravo committed £4.3 billion to acquire U.K. cybersecurity firm Darktrace in April.