E-learning group Learning Technologies Group PLC (LON:LTG) has agreed to buy NetDimensions (Holdings) Limited (LON:NETD) through a cash deal that values the management software group at around £54mln.
Terms of the offer are 100p per share or more than double the price in October when NetDimensions announced it had received an approach.
LTG will fund the deal through a £46.5mln placing at 37.5p, which will will represent approximately 22.7% on the enlarged capital.
LTG's chairman Andrew Brode will provide a £5mln overdraft and Barclays a £3.5mln facility to make up the rest of the consideration.
Brode said LTG’s strategic aim has always been to build a dynamic portfolio of complementary businesses and an international e-learning business of scale.
“We have made great strides towards achieving this ambition, whilst consistently delivering significant earnings growth both organically and through selective acquisition.
“Given the management's proven track record of creating value through acquisition, the board of Directors is confident that the Offer for NetDimensions represents another opportunity for us to generate significant additional value.”