Apax Said Close to $1.7 Billion Deal to Purchase Advent’s Takko

Apax Partners LLP, the London-based private-equity firm, is close to reaching a deal to buy German discount clothing retailer Takko Holding GmbH from Advent International Corp. for about 1.3 billion euros ($1.7 billion), said three people with knowledge of the talks.

The agreement may be announced as soon as today, said the people, who declined to be identified because the negotiations are private. Advent’s talks with competing bidder EQT Partners AB ended and an initial public offering of Takko is unlikely, they said.