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Pamplona Capital Management nears deal to buy Parexel: source

FILE PHOTO: A view of the U.S. drug research company, Parexel International Corp office in Uxbridge, north London, March 15, 2006.

Private equity firm Pamplona Capital Management LLP is nearing a deal to acquire U.S. pharmaceutical research services provider Parexel International Corp for more than $4.5 billion, a person familiar with the matter said on Tuesday.

Activist investors, including Starboard Value LP, have put pressure on Parexel to explore a sale, arguing that the company's profit margins have consistently lagged those of its peers.

The deal will be announced later on Tuesday, the source said. Pamplona is set to pay $88.10 per share in cash for Parexel, the Wall Street Journal reported earlier on Tuesday...