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Bain appears close to a deal to acquire Reed Business Information

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London—Reed Elsevier may be close to reaching a deal to sell its Reed Business Information unit, which publishes Variety, to Bain Capital for the reduced price of $1 billion, according to a report in The Independent, a U.K. newspaper.

The Independentreported that private equity group TPG dropped out of the bidding. Bain, however, may have a remaining rival for the business, as the private equity group Apollo, which pulled out of the auction earlier, was asked by Reed Elsevier to submit a new bid, according to The Independent.

The $1 billion deal is slightly more than half of what Reed Elsevier hoped to get for the property.

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