Hg Said to Near £3 Billion Iris Software Sale to Leonard Green

Hg is nearing a deal to sell Iris Software to rival buyout firm Leonard Green & Partners, after negotiations with KKR & Co. stumbled at the eleventh hour, people with knowledge of the matter said.

The transaction may be announced as soon as this week, according to the people. The deal, which will rank as the year’s biggest buyout of a private European software company, could value UK-based Iris at more than £3 billion ($3.8 billion), the people said.

Bloomberg News previously reported that KKR had pulled ahead of other bidders and was in advanced talks on a purchase ...