- Owner HgCapital said to fetch more than $900 million for firm
- Sale of software company may be announced as early as Monday
Permira, the global buyout fund, is nearing an agreement to acquire German payroll provider Personal & Informatik AG in a deal valued at more than $900 million, according to people familiar with the matter.
The transaction could be announced as early as Monday, said the people, who asked not to be identified because talks are private. Owner HgCapital, which is making the first disposal from its seventh investment fund, will likely retain a minority stake in the business, said the people.
Representatives for Permira and HgCapital declined to comment.
Wiesbaden, Germany-based P&I supplies integrated human resources software products for payroll, strategic HR and analytics, according to its website. The company serves more than 15,000 customers in small- to medium-size businesses across Europe.
Permira is bulking up in technology investments and owns TeamViewer, the German provider of secure remote support software, as well as data integration software company Informatica Corp.