SkillSoft PLC said it agreed to be taken private in a $1.1 billion deal that underscores the reduced ambitions of many private-equity firms after the financial crisis. The Dublin-based maker of e-learning programs on Friday said an investor group comprised of Berkshire Partners LLC, Advent International Corp. and Bain Capital Partners LLC would pay $10.80 for each of its American depositary shares, a 9.6% premium to Thursday's closing price and a 26% premium to the average closing price over the past year. The agreement includes a three-week "go-shop" period that allows SkillSoft to entertain offers from other prospective buyers. Investors indicated they thought a superior offer might emerge by sending SkillSoft shares 13% higher to $11.03 on Friday. The deal comes as private-equity firms scale back transaction sizes following a financial crisis that has made borrowing money for buyouts more difficult. At the top of the buyout boom, private-equity firms would fund some deals with as much as 80% debt.[Read more...]