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Blackboard to Go Private for $1.64 Billion

Comstock/Thinkstock(NEW YORK) -- Providence Equity Partners has agreed to buy Blackboard Inc. for about $1.64 billion.

Providence Equity Partners would assume $130 million in debt under the deal.

Blackboard makes online learning software for professional organizations and schools.

With the approval of Blackboard's shareholders, the deal will close in the fourth quarter.

Copyright 2011 ABC News Radio

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