Permira will acquire California-based BakerCorp from New York private equity firm, Lightyear Capital. The U.K. buyout firm will pay around $960 million in cash for the industrial-services company.

Goldman Sachs and Oppenheimer advised BakerCorp, while Permira was advised by Morgan Stanley and Deutsche Bank, adds The Wall Street Journal. The transaction, which is awaiting regulatory approval, is expected to close during the second quarter of 2011.

Click here for the release from Lightyear Capital.

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