Ultimate Software agrees to $11 billion buyout by investor group

Text size Aa Aa

(Reuters) - Ultimate Software Group Inc said on Monday it agreed to be bought by an investor group led by private equity firm Hellman & Friedman for about $11 billion (8 billion pounds).

The $331.50 per share all-cash offer is at a premium of 19 percent to the HR software provider's closing share price on Friday.

The investor group also includes Blackstone, GIC, Canada Pension Plan Investment Board (CPPIB) and JMI Equity.

The deal, which is expected to close in mid-2019, includes a 50-day "go-shop" period, which allows Ultimate's board and advisers to consider alternative offers, the company said.

Upon completion of the deal, Ultimate Software will continue to operate under Chief Executive Officer Scott Scherr and the existing senior management team.

Goldman Sachs & Co LLC acted as financial adviser to Ultimate Software, while Qatalyst Partners was the financial adviser to the investor group.

(Reporting by Supantha Mukherjee in Bengaluru and Akanksha Rana; Editing by James Emmanuel)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.