The Blacksone Group LP said on Thursday that it agreed to buy transaction and credit card services company Alliance Data Systems Corp. (NYSE: ADS) to take it private for $6.76 billion.

The deal gives Alliance shareholders $81.75 per share in cash, a 30 percent premium over the stock’s closing price on Wednesday, Alliance said in a statement.

Private equity firm Blackstone will also take one $1.1 billion in debt. The current management will stay in place.

The transaction, which was approved unanimously by the Alliance board of directors, is subject to shareholder approval and customary closing conditions.

Shares in Alliance rose $15.50, or 24.6 percent, to close at $78.46 on the New York Stock Exchange.

The Alliance deal comes after another private equity firm, Kohlber Kravis Roberts & Co. agreed to purchase payment processor First Data Corp. (NYSE: FDC) last month for $26 billion.

Alliance has over 9,000 employees at more than 60 locations globally and manages over 120 million consumer relationships, the company said.