Alliance Data will likely go private for nearly $8 billion.

The buyer is the private equity heavyweight Blackstone Group. The Blackstone board has approved the deal, which will allow Blackstone Capital Partners to purchase the tech company for $7.8 billion. Alliance Data's board has also approved the deal. However, shareholders have yet to vote.

Should the deal move forward - and it is likely it will - the Alliance senior management will probably remain the same, the company said.

Private equity's infatuation with the tech industry continued Thursday as an affiliate of the Blackstone Group announced an agreement to buy publicly traded Alliance Data for $7.8 billion.

Under the deal, Blackstone Capital Partners will acquire all outstanding common shares of Alliance Data for $81.75 per share in cash. Alliance Data's board has approved the transaction, which still requires shareholder consent.

(Continue reading this story on InformationWeek)

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