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Acxiom Agrees to Private Buyout

Two private equity firms will spend $3 billion.
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Business support services provider Acxiom (ACXM) has agreed to a buyout by two private equity firms in a deal worth $3 billion.

The company said late Wednesday that Silver Lake and ValueAct Capital will pay $27.10 a share in cash in the deal, which includes the assumption of about $756 million of debt.

The transaction represents a premium of about 20% above Acxiom's 30-day average trading price. Acxiom shares closed Wednesday at $23.67.

Acxiom's board of directors approved the merger agreement and recommended that shareholders vote in favor of the transaction, which is expected to close in three to four months.

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Separately, Acxiom announced fourth-quarter earnings in line with analysts' estimates on revenue growth of nearly 4%, and guided its full-year earnings forecast above current Street expectations.