Permira Funds said Wednesday it has completed the acquisition of Renaissance Learning and the company, which makes student assessment software, will keep its headquarters in Wisconsin Rapids and retain its current management team. The company has 900 employees, including 40 in Madison.
The European private equity firm bought Renaissance Learning for $455 million, after the transaction was approved Monday in a special shareholders meeting called by the Wisconsin company.
Renaissance Learning's board of directors had rebuffed a higher offer of $496 million from Plato Learning, of Bloomington, Minn., and a U.S. District judge in Madison declined last Friday to issue an injunction requested by Plato to stop the Permira deal from going through.
Renaissance Learning shares will cease trading and its stock will be delisted from the Nasdaq stock market.