Consortium of Private Equity Funds Buy SunGard Data Systems
SunGard has announced the completion of the acquisition of SunGard Data Systems by a consortium of private equity investment firms organized by Silver Lake Partners that also includes Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co, Providence Equity Partners and Texas Pacific Group. Under the terms of the merger agreement, the company’s stockholders are entitled to receive $36 per share in cash without interest. SunGard announced on 28 March 2005 a definitive agreement with the private equity consortium regarding the acquisition of the company for $11.4bn in cash. This transaction represents the largest technology privatization as well as the second largest leveraged buyout ever completed.