Primedia Inc. (NYSE: PRM) shares surged 60.2% to $7.01, after the provider of rental and other consumer directories said it would be acquired for $7.10 a share, or about $525 million, by affiliates of TPG Capital. Volume for the stock Monday morning was 2.7 million shares, dwarfing an all-day average of just over 60,000.

Under the terms of the agreement, holders of the outstanding common shares of PRIMEDIA will receive $7.10 per share in cash, representing a transaction enterprise value of approximately $525 million. The agreement was unanimously approved by the Board of Directors of PRIMEDIA and the independent directors of the Board.

Primedia CEO Charles Stubbs, said, “I am pleased to announce this agreement as it delivers significant value to our shareholders. In addition, it is a clear endorsement of PRIMEDIA and of the hard work and commitment of each and every one of our employees.

“TPG is a premier private investment firm,” Stubbs added, “and has a strong understanding and appreciation for our marketplace, our business model, our business strategies and the potential opportunities that lie ahead. We are very excited about this transaction.”

Primedia helps millions of consumers nationwide find apartments, houses for rent or new homes for sale through its innovative Internet, mobile and print solutions.