Electronic commerce solutions provider First Data Corp. (NYSE: FDC) agreed to be purchased by private equity firm Kohlberg Kravis & Roberts for $29 billion.

The deal marks the largest buyout ever arranged by a single private equity firm. The transaction, which is nearly 30 billion, represents a 26 percent premium over the technology company's closing price on Friday, or $34 per share in cash.

We believe that current market conditions present an exceptional opportunity to fulfill our commitment to maximize the value of First Data by delivering an immediate cash premium to our shareholders, Chairman and Chief Executive Officer of First Data Ric Duques said.

In recent weeks, KKR has offered nearly $20 billion for British Drug Stores, Alliance Boots, and joined other private equity firms in a $32 billion take over of

It has offered $20 billion for Alliance Boots, a British chain of drugstores, and joined a group that offered $32 billion for utility TXU Energy Corp.

First Data has 50 days to solicit proposals from third parties, and it plans to actively solicit bids during that time period.

Shares of First Data rallied in morning trading on the New York Stock Exchange, gaining 5.67, or 21 percent, to $32.57.