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Epicor Being Acquired for $976 Million

Irvine-based business software maker Epicor Software Corp. is being bought for $976 million by London-based private equity firm Apax Partners LLC.

The move is part of a pair of deals by Apax valued at $2 billion.

The firm also is buying Northern California’s Activant Solutions Inc. and plans to combine the maker of software for retailers and distibutors with Epicor.

The offer values Epicor at 11% more than the company was worth before the offer.

Shares of Epicor closed up more than 11% to a market value of $790 million.

Apax’s offer includes about $245 million in debt held by Epicor.

Epicor is set to be the surviving entity in the deal, which is expected to close in the current quarter.

The company has 30 days to consider other buyout proposals.

Epicor’s board has signed off on the deal, according to the company.

The company said key shareholder Elliott Associates LP, a New York based hedge fund operator that waged a 2009 hostile takeover bid for Epicor, supports the buyout.

Epicor’s software helps big companies manage their operations, back-end tasks and customer relationships.

It serves corporations in manufacturing, retail and distribution.

Epicor and Activant are set to a combined $825 million in annual sales and a focus on manufacturers, distributors, service providers and retailers.

Late last year, Apax acquired Irvine’s Advantage Sales & Marketing—based in the same Irvine office complex as Epicor—for $1.8 billion.

Advantage does marketing for grocery and consumer products companies.

In 2008, Apax acquired Newport Beach-based medical information and technology company TriZetto Group Inc. for $1.4 billion.

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