Private Equity Firm To Acquire Pre-Paid Legal

ADA, Okla. (AP) - Pre-Paid Legal Services has announced it will be acquired by a New York-based private equity firm in a deal worth an estimated $650 million.

Pre-Paid legal issued a statement Monday saying its board unanimously approved the agreement with MidOcean Partners, which will pay $66.50 for each of the outstanding shares of Pre-Paid stock. The offer price represents a 24 cent premium to Pre-Paid's closing price of $66.26 Firday.

Pre-Paid Legal sells subscriptions to a limited package of legal services.

The transaction is expected to be complete by July 31, pending approval of stockholders and federal regulatory agencies.