Apollo Global to buy Rackspace Hosting in $4.3 billion deal
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Leon Black, Chairman and CEO Apollo Global Management, LLC, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills, California April 29, 2014. REUTERS/Kevork Djansezian
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By Narottam Medhora
(Reuters) - Apollo Global Management LLC (NYSE: APO) said on Friday it would buy cloud services provider Rackspace Hosting Inc (NYSE: RAX) in a deal valued at $4.3 billion, as the private-equity firm increases its investments in the technology sector.
The $32 per-share-offer represents a premium of 6 percent to Rackspace's Thursday closing price.
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