SunGard Sold for $11.3 Billion
A consortium of investment funds has bought financial data company SunGard Data for $11.3 billion.
This is the largest buy-out of a technology company ever, not to mention the second largest for any kind.
“This transaction offers great value to our stockholders and represents an endorsement of our business model,” said Sungard’s president, Cristobal Conde. “Our customers and employees should know that it is business as usual, now and following the completion of the transaction.”
The consortium involved with the deal includes Silver Lake Partners, Bain Capital, Blackstone Group and Texas Pacific, as well as Kohlberg Kravis Roberts and Providence Equity.
The consortium is paying $36 a share for Sungard.
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