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SunGard Bought for $11.3B
By Colin C. Haley

March 28, 2005

A consortium of investment and private equity firms will pay $11.3 billion in cash for financial software and transaction processing specialist SunGard Data Systems (Quote, Chart), the companies announced Monday.

Under the agreement, Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co., Providence Equity Partners and Texas Pacific Group will pay SunGard stockholders $36 per share.

The company, which tallies annual revenues of $3 billion, has more than 20,000 customers in more than 50 countries, including the world’s 50 largest financial services companies.

In addition to banks, mutual funds and hedge funds, SunGard routes and processes 70 percent of NASDAQ trades. SunGard was formed in 1983 as a spin-off from Sun Oil Company, which was looking to diversify its assets after the energy crunch of the 1970s.

“SunGard’s track record of delivering mission-critical, value-enhancing technology solutions to the world’s most important financial institutions is exceptional,” Glenn H. Hutchins, a cofounder and managing member of Silver Lake Partners, said in a statement. “We look forward to working in partnership with the company to safeguard and extend that rich legacy.”

“[The buyers] have a long-term view towards growing the businesses in which they invest and an excellent track record of working in partnership with management to build great companies,” Cristobal Conde, SunGard’s president and CEO, said in a statement.

Sungard directors have approved the proposal and recommended that stockholders adopt the agreement. As a result of the offer, SunGard is delaying a previously announced plan to spin off SunGard’s availability services business.

The acquisition transaction is expected to be completed in the third quarter, pending stockholder and regulatory approvals. When it does, the company will remain based in Wayne, Pa., and its management will remain in place, Conde said.

Silver Lake Partners and the other investment and equity firms like SunGard’s reach in the industry.

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