CD&R to buy KKR's Epicor Software for $4.7 billion

(Reuters) – Private equity firm KKR & Co Inc (KKR.N) will sell business software maker Epicor Software Corp to Clayton Dubilier & Rice in a $4.7 billion deal, the companies said on Monday.

Companies such as Epicor that generate recurring revenue through business software sales have been popular targets for the private equity industry.

Austin, Texas-based Epicor is a provider of application software to mid-sized companies in retail, distribution and manufacturing sectors.

CD&R’s Operating Partner Jeff Hawn will become the chairman of Epicor’s board following deal close, which is expected later this year, the companies said.

UBS Investment Bank is acting as financial adviser and Debevoise & Plimpton LLP as legal adviser to CD&R.

Barclays is acting as the lead financial adviser to KKR and CD&R, while BofA Securities and Jefferies LLC are the financial advisers. Simpson Thacher & Bartlett LLP is the legal adviser to KKR and Epicor.

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