anyaberkut/iStock via Getty Images
Buyout firms KKR & Co. (KKR) and Francisco Partners are racing to acquire educational software provider Instructure (New York Stock Exchange:INST).
Private equity firms have reached the final round of bidding and are preparing binding offers for next week, according to a Reuters report. on Wednesday, citing people familiar with the matter.
There is no certainty that private equity firm Thoma Bravo, which owns an 83% stake in Instructure (INST), would agree to sell, and other bidders could emerge, the report said.
The news comes after Reuters first reported in May that Thoma Bravo was exploring a sale of the educational software provider.
Thoma Bravo acquired Instructure (INST) in 2020 for around $2 billion, and the company returned to the capital markets about a year later via an IPO that was priced at $20 per share.