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Monday March 28, 07:04
Silver Lake Partners consortium to buy SunGard in biggest leveraged buy-out in 16 years
(by Olivia Cohen)
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A consortium of U.S. private equity firms led by Silver Lake Partners agreed to make the biggest leveraged buy-out in 16 years by purchasing financial data company SunGard Data Systems. The expected price for the company amounts to $10.5 billion.
Silver Lake Partners also attracted such buyout companies as Blackstone Group, Bain Capital, Kohlberg Kravis Roberts & Co., Texas Pacific Group, according to a source that declined to be named.
If approved, it will be the biggest leveraged buyout of a public company since 1989 when Kohlberg Kravis Roberts bought RJR Nabisco for $25 billion.
The price of $10.5 billion is a 44% premium over SunGard’s trading price of $24.95 on March 18.
Last year, SunGard’s revenue of $3.6 billion allowed it to earn as much as $454 million. The company is mainly focused on working with the Wall Street financial services companies to assist them in dealing with their banking, mutual fund and stock exchange clients.
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29 Mar 2005 08:10 AM
Update 1: SunGard to be bought by private equity firms group
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