By Cara Lombardo and Miriam Gottfried

Workplace-software providers Ultimate Software and Kronos Inc. plan to merge, according to people familiar with the matter.

The all-stock deal would create a company worth roughly $22 billion including debt, the people said. Hellman & Friedman, the private-equity firm that controls both companies, would remain the controlling shareholder, while Blackstone Group Inc., which owns stakes in both, would be the largest minority investor in the combined company.

More to follow

Write to Cara Lombardo at cara.lombardo@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com

(END) Dow Jones Newswires

February 20, 2020 10:46 ET (15:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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