Private equity firm Apax Partners is taking retailer Rue21 Inc. (Nasdaq: RUE) private in a $1.1 billion deal.

The purchase price works out to $42 per share in cash. Rue’s shares closed at $34.12 on May 22, before the deal was announced, and were trading at about $41.90 mid-day on May 23, the day the deal was announced. Apax is reportedly paying 9.2 times Ebitda. 

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