SkillSoft PLC, a provider of elearning and performance support solutions for global enterprises, government, education, and small to medium-sized businesses, has completed the acquisition of NETg from The Thomson Corporation for approximately $270 million in cash, subject to customary post-closing adjustments. The combined entity will offer a solution that includes online courses, simulations, video programs, and digitized books as well as complementary learning technologies. SkillSoft previously announced its execution of a definitive agreement to acquire NETg from The Thomson Corporation on October 25, 2006.
SkillSoft will offer over 6,000 elearning courses in 19 languages, over 14,000 unabridged IT and business books, summaries and executive reports, and more than 400 Leadership Development Channel video programs. SkillSoft will also be incorporating the NETg virtual instructor-led training solutions under the name of SkillSoft Live Learning. SkillSoft plans to support the NETg content on its flagship learning management system SkillPort and intends to integrate SkillSoft content with the major NETg learning management platforms. Both integration efforts are expected to be completed in SkillSoft's 3Q of the fiscal year ending January 31, 2008. The purchase price reflects a pre-closing adjustment to the original $285 million price based on factors described in the definitive agreement. SkillSoft's existing senior management team will continue in their current roles under the leadership of Chuck Moran, president, CEO, and chairman. Credit Suisse acted as financial advisor to SkillSoft on the transaction. WilmerHale provided legal counsel to SkillSoft on the transaction.