RLPC-CVC to buy Dutch software firm Raet

LONDON Aug 24 (Reuters) - CVC Capital Partners has agreed to buy Raet, the biggest Dutch provider of payroll and human resources software, after pulling out an auction for the company earlier this year.

CVC is buying Raet from Dutch buyout firm Taros Capital and global private equity firm Advent International, the companies said on Wednesday.

The price, which was not disclosed, is expected to be less than the 400 million euros ($576 million) previously asked for, sources close to the deal said.

Earlier this year CVC held talks on a potential buyout of Raet but dropped out of the bidding after it baulked at the price tag. At the time, Montague private Equity was also interested in bidding, but was also put off by the price.

ABN AMRO, BNP Paribas, ING, Lloyds and Rabobank have been mandated to arrange the financing.

Raet had a 132 million euro turnover over the 12 months to June 2011 and has approximately 12,500 clients.

AlpInvest and Advent bought Raet, formerly known as Getronics Human Resources Solutions, in 2003 for 315 million euros. Their buyout was backed by a 195 million euro loan package, arranged by ING Bank and NIB Capital. In 2007, NIBC arranged a 267 million euro recapitalisation for the business. ($1 = 0.694 Euros) (Reporting by Claire Ruckin and Isabell Witt; Editing by Erica Billingham)