Private-equity firm Providence Equity Partners stands to win big on the sale of its stake in videogame producer and Bethesda Softworks parent ZeniMax Media Inc.

Microsoft Corp. has agreed to acquire the Rockville, Md.-based company for $7.5 billion in cash. The deal promises to return more than six times Providence Equity’s investment in the company, which dates back to 2007, according to a person with knowledge of the deal.

When…



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