Platinum Equity, which has $19B in assets under management, is acquiring Cision for $2.7B in cash.
The $10-per share offer is a 34 percent premium over the 60-day closing stock price for the period ended Oct. 21.
The PR services firm posted a $7.7M loss on $190.4M in second-quarter revenues. Its stock has traded in the $6.02 to $15.76 range during the past 52 weeks.
Cision's board and GTCR, which owns a 34 percent stake in the company, have approved the deal, which has a "go-shop" provision to seek other offers through Nov. 21.
"This transaction will provide shareholders with immediate and substantial cash value, while also providing us with a partner that shares in our commitment to customers and employees and can add strategic and operational value," said Cision CEO Kevin Akeroyd in a statement.
As a private company, Cision "will be able to make strategic investments for sustainable and profitable growth, while remaining agile and focused on operational excellence, said PE partner Jacob Kotzubei.
There will be a special shareholders' meeting to vote on the transaction. The deal is expected to close during the first quarter of 2020.