CHICAGO - Northern Trust Corp. on Monday agreed to buy Hazlehurst & Associates Inc., an Atlanta-based firm that provides consulting and record-keeping services for corporate retirement-benefit programs.

The stock swap transaction is valued at $22.5 million, or about 14 times Hazlehurst's pretax income for 1992. Northern officials said they expected to complete the purchase of the privately held firm by the second quarter of next year.

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