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Ultimate Software Agrees to Take-Private Deal With Hellman & Friedman

Martin Baccardax

said Monday that it has agreed to terms to sell the human resource software company to a group of investors led by private-equity firm Hellman & Friedman for around $11 billion. Hellman & Friedman will pay $331.50 in cash for each Ultimate Software share, the company said, a 32% premium to the 30-day average for the stock and 19.3% higher than its Friday closing level of $277.83. Blackstone, JMI Equity and the Canada Pension Plan Investment Board and GIC will also be part of the new ownership group.