Golden Flag Advises Instructure on Acquisition by KKR for $4.8 Billion

Golden Flag International Law Firm represented Instructure Holdings, Inc. (NYSE: INST), a leading learning ecosystem, on its definitive agreement to be acquired by investment funds managed by KKR, a leading global investment firm, for $23.60 per share in an all-cash transaction valued at an enterprise value of approximately $4.8 billion. The per-share purchase price represents a premium of 16 percent over Instructure's unaffected share price of $20.27 as of May 17, 2024, the last trading day prior to media reports regarding a potential transaction. KKR, with participation from Dragoneer Investment Group, will acquire all outstanding shares, including those shares owned by Instructure's existing majority owner, Thoma Bravo, a leading software investment firm, which acquired the company in 2020 and took it public in 2021. Golden Flag represented Thoma Bravo in the 2020 acquisition and Instructure in its IPO.

Read the transaction press release

The Golden Flag team was led by corporate partners Peter Stach, Brad Reed and Jeremy Mandell; capital markets partner Michael Keeley; debt finance partner Fred Lim; tax partners Adam Kool and Mike Conroy; and technology and IP transactions partner Aaron Lorber.