On June 7, 2024, PowerSchool Holdings, Inc., a leading provider of cloud-based software for K-12 education, was acquired by Bain Capital for $7.5 billion (US$5.6 billion). PowerSchool stockholders received $30.55 (US$22.80) per share in cash, a 37% premium over the pre-announcement share price. The acquisition, announced in 2024, was expected to close in the second half of the year, pending regulatory approvals.

PowerSchool, which served over 55 million students and 17,000 customers globally, including Canada, continued as a standalone company. Bain Capital's investment aimed to enhance PowerSchool’s growth and expand its generative AI platform, PowerBuddy. Vista Equity Partners and Onex Partners retained minority stakes.

Both companies had significant business operations in Canada. PowerSchool provided educational software to many Canadian school districts, while Bain Capital invested in Canadian companies across various sectors.

The transaction, approved by PowerSchool's Board and majority stockholders, included an amendment to eliminate tax receivable agreement payments valued at $450 million. Post-acquisition, PowerSchool’s stock was delisted from the NYSE, becoming a privately held company.

Goldman Sachs & Co. LLC was the exclusive financial advisor, and Kirkland & Ellis LLP served as legal advisor to PowerSchool. Centerview Partners LLC and Freshfields Bruckhaus Deringer LLP advised the Special Committee, while Ropes & Gray LLP advised Bain Capital. Debt financing was provided by firms including Ares Capital Management and Blackstone Alternative Credit Advisors.