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Bain Buys Child-Care Services Company For $1.3 Billion

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Bright Horizons Family Solutions Inc. said Monday it will be taken private in a $1.3 billion purchase by Bain Capital Partners LLC, which agreed to pay a hefty premium for the provider of child-care services to employers.

Shares of Bright Horizons soared by more than a third in midday trading, to the stock's highest level since the company recorded disappointing earnings in October.

Boston-based Bain will pay $48.25 per share in cash for Bright Horizons, a 47-percent premium over its closing price of $32.79 on Friday. The companies expect the deal to close within the second quarter, when shares of Horizons would cease trading under its new private ownership.