Benzinga | Jul 15, 2021 01:09PM EDT

GP Strategies Shares Soar After Being Acquired By Learning Technologies For ~$394M

* GP Strategies Corp (NYSE:GPX), a workforce transformation solutions provider, has agreed to be acquired by London-based Learning Technologies Group (OTC:LTTHF) in a $394 million transaction.

* Learning Technologies will pay $20.85 per GP Strategies share in cash.

* The transaction represents a premium of 32% over the closing price on July 14, 2021.

* Upon closing of the deal, GP Strategies will become a division of Learning Technologies Group and its shares will no longer be listed on the NYSE.

* This transaction is expected to be completed during the fourth quarter of 2021.

* GP Strategies' largest shareholder Sagard Capital Partners Management supports this transaction.

* Price action: GPX shares are trading higher by 28.7% at $20.29 on the last check Thursday.