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.
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.