| Associated Press SunGard Data Systems Acquired for $11.3B 03.28.2005, 02:31 AM Financial data company SunGard Data Systems Inc. has been bought by a consortium of seven private investment firms for $11.3 billion, the companies said Monday. The consortium, led by technology-focused investment firm Silver Lake Partners, includes Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. L.P., Providence Equity Partners and Texas Pacific Group. SunGard's board of directors approved the merger and it is expected to be completed in the third quarter of 2005, subject to stockholder and regulatory approval. "This transaction offers great value to our stockholders and represents an endorsement of our business model, industry leadership and financial strength," said Cristobal Conde, president and chief executive officer of SunGard. "Our customers and employees should know that it is business as usual, now and following the completion of the transaction." SunGard has acquired dozens of companies as it attempts to build a business solutions company that provides everything from financial data to integrated software packages. It competes with companies such as International Business Machines Corp. Under the terms of the agreement, SunGard stockholders will receive $36 in cash for each share of SunGard common stock they hold. The stock closed at $31.55 on the New York Stock Exchange on Friday. SunGard serves more than 20,000 customers in more than 50 countries.lg lance |
