ADESA Inc., North America’s second largest provider of wholesale vehicle auctions, said Friday it has agreed to be acquired by a private equity fund group in a deal valued at $3 billion.

The deal also includes assumption of roughly $700 million in debt.

Under the deal, Kelso & Co., GS Capital Partners, an affiliate of Goldman Sachs, ValueAct Capital and Parthenon Capital _ will convert each outstanding share of the Carmel-based holding company to $27.85 cash per share.

ADESA stock gained $2.38, or 9.37 percent, to close at $27.78 on the New York Stock Exchange.

ADESA Chairman and CEO David Gartzke said in a statement that the agreement would benefit both the company’s employees and customers.

“After several years as a public company, we believe that we can more successfully execute and achieve our long-term goals in a private context,” he said.

The deal, which the company said is expected to close in the first half of 2007 pending regulatory approval, is the latest in a series of acquisitions by private equity funds.

Posted: 12|23|06 at 7:33 am. Filed under: Auction News.