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Chegg Shares Up 8% on Busuu Acquisition Announcement
Nov 30, 2021 11:27 PM - Davit Kirakosyan
Image credit: FMP
Chegg, Inc. (NYSE:CHGG) shares closed more than 8% higher Tuesday, following the company’s announcement, according to which it is going to acquire Busuu, an online language learning platform targeting both students and professionals in the workplace.
The $436 million cash acquisition is expected to help diversify Chegg’s business model and provide it with a strong foundation of users internationally (90% of Busuu’s subscribers are outside of the U.S.).
The company also announced a proposed $300 million accelerated share repurchase transaction under the previously announced $1 billion securities repurchase program.
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