Bain Capital, LP entered into a definitive agreement to acquire an unknown stake PowerSchool Holdings, Inc. on June 6, 2024. The transaction will value the company for $5.6 billion. Vista Equity Partners and Onex Partners will continue to have minority investments in PowerSchool.

Debt financing for the transaction will be provided by Ares Capital Management, HPS Investment Partners, Blackstone Alternative Credit Advisors, Blue Owl Credit Advisors, Sixth Street Partners, and Golub Capital. The PowerSchool Board of Directors approved the merger agreement. In addition to approval by the PowerSchool Board of Directors, PowerSchool stockholders holding a majority of the outstanding voting securities of PowerSchool have approved the transaction by written consent.

The transaction is subject to the receipts of regulatory approvals. The transaction is expected to close in the second half of 2024. Goldman Sachs & Co.

LLC acted as financial advisor to PowerSchool. Kirkland & Ellis LLP acted as legal advisor to PowerSchool. Centerview Partners LLC acted as Financial advisor to Special Committee of PowerSchool.

Freshfields Bruckhaus Deringer LLP acted as legal advisor to Special Committee of PowerSchool. Ropes & Gray LLP acted as legal advisor to Bain Capital.