Kirkland & Ellis 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. Kirkland represented Thoma Bravo in the 2020 acquisition and Instructure in its IPO.