A group of seven private equity investment firms agreed to buy back-office software provider
The private equity group is headed by
The group is buying SunGard for $36 a share in cash, a 14% premium to its closing share price of $31.55 on Thursday on the
"This transaction offers great value to our stockholders and represents an endorsement of our business model, industry leadership and financial strength," said Crist-bal Conde, president and chief executive officer of SunGard.
The deal, which is expected to close in the third quarter, will be financed by equity contributions from each of the investor firms, plus loans provided by units of
SunGard, which earned $454 million on revenue of $3.6 billion last year, works with a majority of Wall Street's financial services companies. The Wayne, Pa.-based company supports almost three out of every four
The company said its board will recommend the deal to shareholders and will not go ahead with a previous plan to spin off its Availability Services business.