TPG Capital-backed TPG Pace Tech Opportunities completed the merger with Nerdy in a $1.7bn deal.

TPG Capital-backed TPG Pace Tech Opportunities, a special purpose acquisition company, completed the merger with Nerdy, an online education services provider, in a $1.7bn deal. The deal provided as much as $750m in cash proceeds, including $150m in an oversubscribed private investment in public equity. PIPE was done by investors, including Franklin Templeton, Healthcare of Ontario Pension Plan, Koch Industries and Learn Capital. “TPG has a proven track record of helping high-growth, disruptive technology companies like Nerdy successfully transition to the public equity markets. Our experience identifying markets at inflection points and supporting disruptive high-growth companies, as well as our extensive public market experience, enables us to aid Nerdy in its growth journey. Nerdy is poised to breakout as it disrupts a large market where online adoption has lagged. We look forward to collaborating with Chuck and the talented Nerdy team in their transition to the public equity markets," Karl Peterson, TPG Pace Tech Opportunities Chairman.