Ropes & Gray Advises SkillSoft in Acquisition of NIIT’s E-learning Business
A Ropes & Gray team of attorneys advised SkillSoft Corporation in its acquisition of Element K from NIIT Ventures, Inc., a subsidiary of NIIT Limited. SkillSoft is a leading SaaS provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small- to medium-sized businesses. Element K provides complementary offerings in e-learning content, virtual labs, and custom development services.
Under the terms of the acquisition agreement announced October 14, SkillSoft paid approximately $110 million in cash. The purchase price is subject to certain post-closing adjustments related to Element K's closing balance sheet. The cash consideration was financed through available cash balances and additional bank financing of approximately $90 million from SkillSoft's existing senior credit facilities.
The Ropes & Gray team advising SkillSoft included finance associates Milap Patel and private equity associates Taylor Hart.