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Providence Equity Partners buying digital education resources platform

Providence Equity Partners LLC will acquire digital education resources platform TES Global Ltd. from TPG Capital Management LP for an undisclosed sum.

In connection with the deal, the Times Higher Education World University Rankings business will be spun off from TES but will continue to be owned by TPG until its sale in 2019.

Providence is a global asset manager that invests in media, communications, education and information companies.

Jefferies International Ltd., Cleary Gottlieb Steen & Hamilton LLP and Travers Smith LLP advised TES, while Weil Gotshal & Manges LLP and Arma Partners advised Providence.