EVENTS group Hyve has become the latest UK firm to be snapped up by US private equity, with the firm yesterday announcing it had agreed a buyout deal with Providence Equity Partners.

In a deal valuing the events organiser at £481m, US firm Providence will buy Hyve for 108p per share in cash, the firms announced yesterday in a joint statement.

It comes after two former offers from Providence at 101p and 105p a share were rejected by Hyve.

The latest offer, which already has approval from shareholders holding near 17 per cent of voting rights, will close in May if approved.

Hyve chair Richard Last said the board believed the offer represented "value for shareholders".

Indeed, investors seemed to take warmly to the news, with shares bouncing to close up over 10 per cent yesterday afternoon.

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