RTTNews | Dec 22, 2021 09:16AM EST

09:16 Wednesday, December 22, 2021 (RTTNews.com) - Skillsoft (SKIL), an education technology company, said on Wednesday that it struck a deal to acquire Codecademy, another American online learning platform for technical skills, for approximately $525 million in a cash and stock transaction, which is expected to close in the first half of 2022.

Separately, the Nashua-headquartered acquirer has reiterated its guidance for the fiscal 2022.

According to the terms of deal, the total consideration for the transaction is approximately 40 percent cash and 60 percent equity. In addition, the acquirer has also secured committed financing from Barclays and Citigroup.

Jeffrey R. Tarr, Chief Executive Officer of Skillsoft, commented: "When we combine Skillsoft's enterprise customer base of more than 12,000 corporate customers and over 46 million learners with Codecademy's 40 million learners, sophisticated digital marketing capability and influential brand, we expect to unlock significant revenue synergies."

For the fiscal 2022, the company still expects its adjusted revenue to be in the range of $685 million - $700 million.

The company also reaffirmed its adjusted EBITDA guidance of approximately $165 million.

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