Guitar Center Inc. (NASDAQ: GTRC) said on Wednesday that it agreed to be acquired by private equity firm Bain Capital Partners LLC for $2.1 billion including assumed debt.

Under the terms of the agreement, Bain will pay $63 per share of Guitar Center, or $1.9 billion, which represents a 26 percent premium over the company's closing price of on June 26.

Following a comprehensive review process, our Board of Directors concluded this transaction is in the best interests of our Company and our stockholders and it has the full support of the management team, stated Marty Albertson, Chairman and CEO of Guitar Center

Shares of the specialty retailer skyrocketed on the announcement in heavy trading, gaining $9.92, or 19.82 percent to reach $59.98 by the end of regular trading hours on the Nasdaq stock market.

The stock has traded higher since May 29, when reports first surfaced that the company had hired an advisor for a possible sale.

The deal, which is expected to close during the fourth quarter, follows a number of recent high-profile acquisitions for the private equity group.

Last week Bain agreed to purchase the supply division of Home Depot for over $10 billion.

Investment NASDAQ OMX Group