Blackboard Wins Clearance to Buy WebCT
Monday February 6, 10:36 am ET
Blackboard Receives Justice Department Clearance to Buy WebCT, Sees Closing by April
WASHINGTON (AP) -- Blackboard Inc., an education software developer, said Monday it received clearance from the Department of Justice to buy WebCT Inc., a rival provider of Internet learning software, and expects to close the deal in March or April.
Blackboard agreed to buy Lynnfield, Mass.-based WebCT in October, in a deal at that time valued at $180 million -- or $154 million, net of WebCT's $26 million cash balance as of Aug. 31, 2005. Software firm CMGI Inc., whose Ventures portfolio owns part of WebCT, said in October the final value of the deal was subject to change depending on WebCT's cash balance at the time of the closing.
Blackboard's shares rose 82 cents, or 3 percent, to $30.68. |
