Morgan Stanley, JP Morgan and Citigroup have won the mandate to arrange the biggest leveraged buy-out financing so far this year.

They are providing $1.2bn (€971m) of debt to support the $2.05bn purchase of UGS PLM Solutions, a US industrial software business, from Electronic Data Services, the US IT group, by buy-out specialists Bain Capital, Silver Lake Partners and Warburg Pincus.