Nerdy, the parent company of online learning platform Varsity Tutors, has entered an agreement to combine with TPG Pace Tech Opportunities, the companies announced today.
The transaction values Nerdy at a $1.7 billion market capitalization and would provide up to $750 million in cash proceeds, including a fully committed PIPE of $150 million, forward purchase agreements of $150 million and up to $450 million held in TPG Pace Tech Opportunities’ trust account.
The merger is expected to close early in the second quarter, pending shareholder approvals. Read more.
