Rackspace Nears Private Equity Acquisition, Say Reports

San Antonio-based Rackspace appears to be nearing an acquisition by a private equity firm--reportedly, Apollo Management--two years after the company first said it would start looking for a buyer. According to multiple reports, Apollo Global Management is offering around $3.5 billion for Rackspace. No deal has been signed, and no details released by the companies. Rumors of the buy came from "people familiar with the matter", according to reports in the WSJ and from Reuters.