IMS Health, a data provider to the pharmaceutical industry, is to be acquired by TPG and Canada Pension Plan for $5.2 billion (£3.1 billion) in the largest leveraged buyout since the beginning of the year.

The purchase, struck at a premium of 31 per cent to the value of IMS shares on Wednesday, is TPG’s second deal in three days. The private equity firm agreed on Monday to pay $500 million to take control of Valerus Compression Services, a Texas gas services business.

TPG and Canada Pension Plan will contribute equity to the deal while Goldman Sachs is providing a principal loan and mezzanine debt.

IMS supplies sales data and market analysis to the drugs and medical sector but the company reported a loss in the third quarter, disclosing heavy restructuring charges.

Private equity firms are beginning to put their toes in the water after a lengthy investment hiatus caused by last year’s financial crisis and a drought in the credit markets.

In October Blackstone Group paid $2.7 billion for Busch Entertainment, an amusement park operator established by Anheuser-Busch, the brewing giant. In a separate deal in May, Anheuser sold Oriental Brewery, a South Korean business, to rival private equity firm KKR for $1.8 billion.

The banking collapse last year and the drying-up of credit tied the hands of private equity firms, who became preoccupied with refinancing existing deals and repairing businesses whose fortunes soured in the recession. TPG suffered in the collapse, losing more than $1 billion of its investment in Washington Mutual. TPG took a stake in the US lender in April last year only to see the savings institution nationalised the following September.

TPG, was launched in 1992 when it was known as Texas Pacific Group. Early deals included the buyout of Burger King from Diageo. During the private equity boom in the three years before the Lehman crisis, TPG took control of Neiman Marcus, the US stores group, and TXU, the power utility.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax