Feb 20 (Reuters) - Kronos Incorporated:
* KRONOS AND ULTIMATE SOFTWARE ENTER DEFINITIVE MERGER AGREEMENT CREATING COMPANY VALUED AT $22 BILLION
* KRONOS INCORPORATED - ARON AIN WILL BE CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF COMBINED COMPANY
* KRONOS - ALL-STOCK MERGER HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF BOTH COS
* KRONOS INCORPORATED - NEW COMPANY WILL BE JOINTLY HEADQUARTERED IN LOWELL, MASS. AND WESTON, FLA.
* KRONOS - HELLMAN & FRIEDMAN LLC WILL BE CONTROLLING SHAREHOLDER OF NEWLY FORMED CO
* KRONOS - FOLLOWING H&F, PRIVATE EQUITY FUNDS MANAGED BY BLACKSTONE WILL BE LARGEST MINORITY INVESTOR IN NEWLY FORMED CO, FOLLOWED BY GIC, CPPIB