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Tuesday March 29, 08:10
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Update 1: SunGard to be bought by private equity firms group
(by Helen Snow)
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Silver Lake Partners consortium bought SunGard in biggest leveraged buy-out in 16 years, when Kohlberg Kravis Roberts bought RJR Nabisco for $25 billion.
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.
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.
The deal is backed by such banks as JP Morgan, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.
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