Jan 29 (Reuters) – A blank check company backed by private equity firm TPG said on Friday it will take Nerdy Inc public through a merger, in a deal valuing the online learning platform at $1.7 billion.
The deal, expected to close in early second quarter, will fetch Nerdy $750 million in cash, including a private investment of $150 million from Franklin Templeton, Healthcare of Ontario Pension Plan, Koch Industries and Learn Capital among others.
Special purpose acquisition companies (SPACs) like TPG Pace Tech Acquisition Corp PACE.N are shell companies that raise money through an initial public offering (IPO) to acquire a private company, which when merged becomes public.
Last year, TPG Pace Tech raised $450 million through an IPO.
Nerdy will be listed on the New York Stock Exchange under the new ticker symbol “NRDY”.