Private equity investment firm Wasserstein & Co., along with a group of other investors, announced it has agreed to acquire ALM from Apax Partners, the same company it sold ALM to in 2007.

Terms of the deal were not released, but a New York Times report puts the sale price at approximately $417 million. The transaction is expected to close in the third quarter.

A spokesperson at ALM declined to provide further details on the deal.

ALM, which employes about 700 people, went on the block this spring, reportedly seeking a price of about $500 million.

Wasserstein sold ALM to Apax-backed Incisive Media in 2007 for $630 million. At the time, ALM had estimated revenues of $200 million and $50 million in EBITDA.

In 2008, Apax spun ALM off Incisive, making it an independent business, cutting ALM’s debt from $450 million to $300 million.

Also investing in ALM with this transaction are Ontario Pension Board, Pantheon, the Honeywell Pension and HighVista Strategies LLC.