TPG Capital and Leonard Green & Partners agreed to buy education software provider Ellucian Co. in a $3.5 billion leveraged buyout, a person with knowledge of the terms of the transaction said.

The private equity firms will acquire Fairfax, Virginia- based Ellucian from buyout firms Hellman & Friedman and JMI Equity, according to a statement Friday. The companies expect the transaction to be completed before year-end.

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