Reply #11: Here's Carlyle's $11.3 Billion Dollar Deal for Sungard from Yesterday

[Up2Late]

(un-named in this article, The Carlyle Group)

Sungard sold for a record figure

Monday, 28 March, 2005, 12:09 GMT 13:09 UK

US software company Sungard Data has been bought by a consortium of investment funds for $11.3bn (£6bn).

The deal is the largest private buyout of a technology firm, and also believed to be the second-largest buyout of any type of company in business history. The broad-based consortium includes Silver Lake Partners, Bain Capital, Blackstone Group and Texas Pacific.

Sungard provides computer services, particularly to finance firms, and has annual sales of $3bn. The Pennsylvania-based company has more than 20,000 customers in about 50 countries.

'Great value'

"This transaction offers great value to our stockholders and represents an endorsement of our business model," said Sungard president Cristobal Conde. "Our customers and employees should know that it is business as usual, now and following the completion of the transaction. "Mr Conde added that Sungard will retain its senior management team and current headquarters. The consortium is paying $36 a share for Sungard. Its other members include Kohlberg Kravis Roberts, and Providence Equity.

(more at link above)