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Apollo Global to buy Rackspace Hosting in $4.3 billion deal – Metro US

Apollo Global to buy Rackspace Hosting in $4.3 billion deal

Apollo Global to buy Rackspace Hosting in $4.3 billion deal
By Narottam Medhora

By Narottam Medhora

(Reuters) – Apollo Global Management LLC said on Friday it would buy cloud services provider Rackspace Hosting Inc 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.