Providence Equity Is Said to Be in Lead to Buy Blackboard

Providence Equity Partners Inc. is in the lead to buy Blackboard Inc., a maker of online educational courseware, a person with knowledge of the situation said. The shares surged as much as 5.5 percent.

Blackboard has also been considering a bid from Hellman & Friedman LLC, said the person, who declined to be identified because the matter is private. The company has a market value of almost $1.5 billion.