Fidelity to Buy Sungard for $9.1B

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Deal of the Week: Fidelity to Buy SunGard for $9.1B Announcement Date August 12, 2015 Acquirer Fidelity National Information Services, Inc. (NYSE: FIS) Acquirer Description Provides banking and payments technology, consulting, and outsourcing solutions worldwide Founded in 1968 and headquartered in Jacksonville, Florida Acquirer Financial Mkt Cap: $19.8 billion LTM EBITDA: $1.6 billion Statistics EV: $24.5 billion LTM EV / Revenue: 3.8x LTM Revenue: $6.4 billion LTM EV / EBITDA: 15.2x Target Company SunGard Target Description Financial services information technology and software provider Headquartered in Wayne, PA Price / Consideration Price: $9.1 billion Consideration: Cash & Stock Acquirer Advisors Bank of America Merrill Lynch, Centerview Partners Target Advisors Goldman Sachs, JPMorgan Chase, Barclays, Deutsche Bank, Credit Suisse Rationale The SunGard acquisition is expected to complement Fidelity National Information Services’ business of providing banking and payment technology services to the financial services industry Seven firms (Bain Capital, Blackstone, the PE division of Goldman Sachs, KKR, Providence Equity Partners, Silver Lake and TPG Capital) teamed up to buy SunGard, paying a 44% premium for the company in 2005 and they will likely realize a return of 1.5 – 2.0x their equity investments Deal Points Consideration includes $2.8 billion worth of stock, $2.3 billion in cash and the assumption of SunGard’s $4 billion in debt Of Note SunGard posted annual revenue of $2.8 billion in 2014 and has more than 13,000 employees The combined company would have more than $9.2 billion in annual revenue and more than 55,000 employees The private equity investors were able to use a number of corporate finance tactics to bolster their returns on the SunGard deal – for example, they took out about $700 million in dividends and they broke SunGard into parts, both to raise money and to make the resulting operation more attractive to potential buyers [email protected] www.pillarsofwallstreet.com .

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