U.S. private equity firm Kohlberg Kravis Roberts has announced earlier today that it will purchase British software firm Northgate Information Solutions Plc for GBP 593 million.
The price represents a whopping 60 percent premium over the price of the share on the 11th of December. The offering price of 95p is higher than the share's 52 week high of 88.75p
Based in Hemel Hempstead, Northgate Information Solutions is a major supplier of bespoke IT solutions and services and is present in 46 countries worldwide with a workforce of nearly 6500.
Its customers include top 100 companies like Pfizer and major public sector organisations like UK police forces and councils.
The company had also purchased a Belgian HR group Arinso back in May 2007, turning it into the world's third largest human resource outsourcing provider behind Accenture and Ceridian Corporation.