Private-equity firm, TPG Capital, is acquiring real-estate directory publisher, Primedia, in a deal valued at about $318 million, The Wall Street Journal reports. The deal may close in the third quarter of 2011.

Kohlberg Kravis Roberts, which is the majority shareholder of Primedia with a 58% stake, has approved the deal, adds Reuters. Moelis & Company served as financial adviser to Primedia, while Barclays Capital, UBS Investment Bank and Bank of America Merrill Lynch served as advisers to TPG Capital.

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