Open Solutions Taken Out

The company will be acquired by two private equity firms.
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Open Solutions

(OPEN)

agreed to be acquired by two private equity firms, Carlyle Group and Providence Equity Partners, in a transaction valued at more than $1.3 billion, including the assumption of debt.

Carlyle and Providence will buy each share of Open Solutions for $38, a premium of about 25% to the stock's closing price Friday.

Open Solutions, a maker of software for banks, thrifts and credit unions, said its board supports the deal, and it recommended stockholders vote in favor of the buyout. The company expects the transaction to be completed during the first quarter of 2007.

Shares of Open Solutions finished last week at $30.28. The stock has traded between $18.70 and $31.48 in the last year.