Chegg, Inc. (NYSE:CHGG) has entered into a definitive agreement to acquire Busuu Limited for a cash payment of approximately $460 million on November 28, 2021. There are additional deferred consideration payments of up to $25 million, to be paid to certain key employees of Busuu. The transaction is subject to the terms and conditions of the definitive agreement.

The acquisition, which was approved by the boards of directors of Chegg and Busuu, is expected to close early in the first quarter of 2022, subject to customary closing conditions. Álvaro Mateo, Borja González, Eduardo Martínez-Matosas and Juan Romero of Gómez-Acebo & Pombo advised Busuu. James Connor, Christopher Grew, Jonathan Rosen, John Narducci, Faraaz Samadi, and Jeanine McGuinness of Orrick, Herrington & Sutcliffe (Europe) LLP acted as legal advisor to Busuu in this transaction.

Ben Shribman, Anne Lieberman, Natasha Kaye, Paula Holland, Aaron Pomeroy, Chris Stack, Ann Bevitt, Scott Dailard, Ryan Vann, Tanisha A. James, Chris Coulter, Jamie Leigh, Barbara Mirza, and Aarti G. Reddy of Cooley LLP acted as legal advisors to Chegg in this transaction.