SunGard acquisition completed

SunGard has announced the completion of the acquisition of SunGard Data Systems Inc. by a consortium of private equity investment firms organised by Silver Lake Partners that also includes Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. L.P., Providence Equity Partners and Texas Pacific Group.

Under the terms of the merger agreement, the company's stockholders will receive $36 per share in cash, without interest.

SunGard announced on March 28, 2005 a definitive agreement with the private equity consortium regarding the acquisition of the company for $11.4 billion in cash.  This transaction represents the largest technology privatisation as well as the second largest leveraged buyout ever completed. 

SunGard stock has now ceased trading on the New York Stock Exchange and will be delisted.

Cristóbal Conde, president and chief executive officer, commented, "This transaction has provided great value to our stockholders and represents an endorsement of our business model, industry leadership and financial flexibility.  As a private company, SunGard will continue to provide mission-critical software applications to customers in financial services, higher education and the public sector, as well as delivering information availability services to information-dependent enterprises of all types.  We look forward to continuing to provide the high levels of service our customers are accustomed to receiving."

"On behalf of everyone at SunGard, I would like to acknowledge the numerous contributions of Jim Mann, who has led the company since 1983.  Jim has done more to create stockholder value than any other person in the history of our company, and for that he has our deepest gratitude," added Mr. Conde.

Glenn H. Hutchins, a cofounder and managing member of Silver Lake Partners, said on behalf of the private equity consortium, "SunGard begins its new life as a private company today.  Though we have a lot of hard work in front of us, this is an occasion to thank the many contributors, particularly the company's exemplary management team, who made this transaction possible.  As new owners of SunGard, we will work closely with management to build upon and extend the company's legacy of technology leadership, cutting-edge products, and world-class customer service."

www.sungard.com

•Date: 12th August 2005 • Region: US/World • Type: Article •Topic: BC markets
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