TheDirectory.com, Inc. (SEEK)

[john44]

The private equity firm Kohlberg Kravis Roberts has agreed to buy Internet Brands, which operates a portfolio of websites and software, in a bet that it can help the company expand its services.

The deal, which Internet Brands is expected to announce later on Tuesday, is worth $1.1 billion, according to two people briefed on the matter who were not authorized to speak publicly. K.K.R. is buying the company from two other private equity firms, Hellman & Friedman and JMI Equity, which bought it for $640 million in 2010.

Members of the Internet Brands management team, including Bob Brisco, the chief executive, are investing in the deal alongside K.K.R. They will hold a minority stake and continue to run the company.

Internet Brands, based in El Segundo, Calif., owns websites like Lawyers.com, CarsDirect.com and ApartmentRatings.com. The company historically has generated a large portion of its revenue from advertising, while also selling leads to law offices and car dealerships