Kahoot, the Oslo-based e-learning game platform, is set to go private in a significant all-cash private equity (PE) deal led by Goldman Sachs.
The acquisition values Kahoot at $1.7 billion and will see the private equity division of Goldman Sachs Asset Management take the lead, along with existing Kahoot backers General Atlantic, KIRKBI Invest A/S, and Glitrafjord.
The deal represents a premium of 53.1% on Kahoot's publicly traded shares as of May 22, 2023.
Kahoot Goes Private
Kahoot, known for its popular education-focused game platform, has gained immense popularity among students and adults worldwide. The platform allows users to create, share, and play interactive games with an educational focus.
By going private, Kahoot aims to capitalize on the expertise and resources of its new investors to further enhance its learning platform and expand its global reach.
The chairman of Kahoot's board, Andreas Hansson, expressed confidence in the offer, stating that it aligns with the company's best interests and will benefit its employees, customers, and partners.
He sees the deal as a fair valuation of the company and an opportunity to accelerate Kahoot's journey toward becoming the leading learning platform worldwide.
Meanwhile, Goldman Sachs Asset Management views Kahoot as a company with immense potential to unlock learning opportunities for individuals worldwide.
The investment aims to contribute to Kahoot's growth, impact, and innovation in the field of learning and engagement. The partnership with Kahoot's leadership team and other co-investors is expected to drive further advancements in the platform's capabilities.
Goldman Sachs Approves
"Kahoot! is unlocking learning potential for children, students, and employees across the world. The company has a clear mission and value proposition and our investment will help to grow its impact and accelerate value for all stakeholders," said Michael Bruun, Global co-Head of Private Equity at Goldman Sachs Asset Management.
"Through this transaction, we are pleased to partner with a fantastic leadership team and group of co-investors to expand a mission-critical learning and engagement platform and contribute to its further growth and innovation."
The acquisition comes at a significant premium, reflecting the value and potential of Kahoot. With the PE deal, Kahoot is set to transition to private ownership, allowing it to focus on its long-term strategic goals and leverage the expertise and resources of its new investors.
The completion of the deal is subject to regulatory approvals, including competition clearances, and the Offeror's ownership of shares representing more than 90% of the issued and outstanding shares and voting rights in Kahoot.
Once finalized, the acquisition will mark a new phase for Kahoot as it seeks to solidify its position as a leading global learning platform.
