The deal, which includes the refinancing of InfoGroup’s outstanding debts, was unanimously approved by the firm’s board of directors and will see stockholders receive $8.00 in cash per share.

InfoGroup CEO Bill Fairfield (pictured) said: “Transitioning from a public to a private company brings many benefits to our shareholders, clients and employees. Our shareholders will receive an attractive, immediate and certain cash value for their shares.

“For InfoGroup’s clients and employees, the merger will allow for greater stability, focus and flexibility to make the strategic, long-term investments that are needed to advance the company’s leadership position, grow the core business, expand product solution offerings, improve overall cost structures and efficiencies, invest in technology and expand our global reach.”

Richard Zannino, managing director at CCMP, added: “”We are delighted to have reached an agreement to acquire InfoGroup. Marketing clients today are craving innovative, impactful and cost-effective ways to reach their target customers. We are very much looking forward to working with the talented team at InfoGroup to help its clients meet those needs and to take full advantage of its leading position in the highly attractive data and marketing services sector.”

The deal is expected to be finalised in the summer, subject to the approval of InfoGroup shareholders and regulatory approvals. CCMP was first linked with a bid last week with a report in the Omaha World-Herald.

Talk of an InfoGroup takeover dates back to December 2008, when founder and major shareholder Vin Gupta floated the idea of selling or buying back the company. The company then retained Evercore Partners as independent financial advisors to assist the company in determining what would be in the best interests of shareholders.