General Atlantic LLC and Dragoneer Investment Group proposed to take Arco Platform Ltd. private as shares of the Brazilian tech-education company trade near all-time lows.

The firms offered to acquire all of Arco’s outstanding Class A common shares that are not held by them or founders Ari de Sa Neto and Oto de Sa Cavalcante for $11 apiece in cash, a 22 percent premium to Wednesday’s closing price. Ari and his father Oto support the transaction, according to a filing.

General Atlantic first invested in Arco in 2014 and boosted its stake last year through a private investment in public equity, or PIPE, with Dragoneer also participating in the deal. The move took place as depressed valuations in public markets lured private equity firms.

Arco started as a single school in Brazil’s impoverished northeast region and expanded to become a tech-education unicorn.

After going public in the U.S. in 2018 and enjoying a rally that minted the founding family as billionaires, Arco was hit by the correction in the technology industry over the past year. The stock has plunged 47 percent this year and hit a record low last month. The market cap stands at $637 million.