New York, NY (USA), December 2024 - U.S. private equity firm General Atlantic has struck a deal to buy Learning Technologies Group (LTG) for 802.4 million pounds ($1 billion), betting on rising training requirements for large corporations as they adapt to artificial intelligence.
LTG, which provides corporate training tools including mobile apps and training videos, has been faltering amid the rapid evolution of generative AI along with companies turning away from custom content creation to reduce costs.
General Atlantic said LTG would require further investments in its products to adapt to the changing landscape and to compete, as well as offset the potentially disruptive impact of AI and other challenges.
General Atlantic already has educational technology companies in its portfolio, such as Duolingo, India-based Unacademy, and game-based learning platform Kahoot!.
Shares in LTG rose as much as 7% following the announcement, hitting their highest since June 2023. The group said in September it was willing to agree to a deal with General Atlantic if the private equity firm made a formal offer.
Under the deal, LTG shareholders will receive 100 pence per share in cash, a 34% premium to the stock’s closing price on Sept. 26, the day before General Atlantic’s interest became public.
