E-learning software maker SkillSoft Plc. reported it agreed to be bought by a consortium of private-equity firms for about $1.1 billion.

As per the board of director's unanimous approval, SkillSoft would be acquired by a new company formed by funds sponsored by Berkshire Partners, Advent International and Bain Capital Partners. SkillSoft will continue to be headquartered in Dublin, Ireland and led by the current management team, including Chuck Moran as CEO.

According to the Chief executive this buyout would be in the favor of its shareholders as it gave an attractive premium and value addition to them and this buyout will be financed with a $605 million financing package from Morgan Stanley and Barclays Capital, who are advising the investor group.

After the of buyout, Standard & Poor and other Ratings Services put SkillSoft's junk ratings on watch, and recommending a downgrade is highly likely because the deal would significantly weaken the company's credit metrics.