Affiliates of private equity firm Veritas Capital agreed to acquire Cambium Learning Group Inc.

The merger transaction, which was approved by Cambium Learning's board, would see the company's outstanding common stockholders receiving $14.50 in cash per share at closing. The company's credit facility will also be repaid at closing.

Cambium Learning's majority stockholder, which is affiliated with private equity firm Veronis Suhler Stevenson, delivered a written consent approving the proposed merger. The deal is expected to be completed during the fourth quarter of 2018 or the first quarter of 2019, pending regulatory approvals and customary conditions.

Prior to the deal completion, Cambium Learning will close its purchase of fellow education technology company VKidz Holdings Inc. Outstanding shareholders of VKidz will receive $11.50 in cash per common share as part of the acquisition.

Macquarie Capital was the financial adviser to Cambium Learning, while Lowenstein Sandler LLP was its legal counsel. Schulte Roth & Zabel LLP was the legal counsel of Veritas Capital.