Goldman Sachs-led investor group makes NOK 17.2 billion offer for Kahoot!

Kahoot!, the Oslo-based learning platform, announced on July 14, 2023 that it had agreed to the launch of a recommended all-cash offer for the company from an investor group led by the private equity business of Goldman Sachs Asset Management. The offer of NOK 35 per share values Kahoot's equity at about NOK 17.2 billion.

General Atlantic, KIRKBI Invest and Glitrafjord are co-investors, together with certain other investors and management shareholders. The price represents a premium of 53.1% over the closing share price on May 22, 2023 and 33.3% over the three-month volume-weighted average price. Kahoot's board unanimously recommended that shareholders accept. Holders of approximately 34.2% of the outstanding shares had already committed to sell or contribute their shares. Completion was expected in the second half of 2023, subject to regulatory approvals and acceptance by holders of more than 90% of the shares.

Launched in 2013 and listed on the Oslo Stock Exchange, Kahoot! describes itself as a global learning and audience engagement platform for children, students and employees, and began as a game-based learning tool. General Atlantic was already its largest shareholder before the offer, having partnered with the company in September 2022. The bid was made through Kangaroo BidCo, a newly formed Norwegian company set up for the transaction.