Onex fund signs deal to buy education software firm Tes Global, terms not disclosed

TORONTO – Onex Corp. says its Onex Partners V fund has signed a deal to buy education software company Tes Global from Providence Equity Partners LLC.

Financial terms of the deal were not disclosed.

Toronto-based Onex Corp. says Tes has over 13 million teachers on its online platform and serves over 17,000 schools in 117 countries.

Onex senior managing director Nigel Wright says Tes has a well-established brand and deep-rooted relationships with teachers, creating a differentiated place in the market.

The deal is expected to close in the first quarter of next year.

Onex says with the deal that Onex Partners V will be about 78 per cent invested.

This report by The Canadian Press was first published Dec. 7, 2021.

Companies in this story: (TSX:ONEX)