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Monday, March 28, 2005

SunGard Acquired by group of private firms

A consortium of seven private investment firms is paying $10.8 billion to acquire financial data powerhouse SunGard Data Systems in the nation's second-largest leveraged buyout ever. Under the terms of the agreement, SunGard stockholders will receive $36 in cash for each share of SunGard common stock they hold. Also $500 million in bonds will remain outstanding, so the total transaction is valued at $11.3 billion.

The deal would be exceeded in size among takeovers of public companies by private investors only by the Kohlberg Kravis Roberts $29.4 billion purchase of RJR Nabisco in 1989.

SunGard creates a variety of financial software, including products that manage complex stock trades, insurance holdings, mutual funds and corporate finances.


(SunGard purchased an employer of mine back in 1999.)
Posted by ALD at 1:07 PM

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ALD
I'm a veteran of two careers - high school math and physics teacher, retirement consulting actuary - who is now enjoying the pleasure of staying at home for my daughter. (My avatar is in honor of Will Durant, whom I consider the last true sage.)
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Chartered Financial Analyst, 2006

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