SunGard announced today that the waiting period under the Hart-Scott-Rodino Anti-trust Improvements Act of 1976, as amended, expired at 11.59pm, New York City time, on 16 May 2005, in connection with the company's pending acquisition, in a transaction valued at approximately $11.4 billion, by a consortium of private equity investment firms.
The acquiring consortium was organised by Silver Lake Partners and includes Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co LP, Providence Equity Partners and Texas Pacific Group.
The transaction remains subject to the receipt of stockholder approval and customary regulatory approvals as well as the satisfaction of other customary closing conditions. The transaction is expected to close in the third quarter of 2005.
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SunGard is a global leader in integrated software and processing solutions, primarily for financial services and higher education. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business.
SunGard serves more than 25 000 customers in more than 50 countries, including the world's 50 largest financial services companies. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenue of $3 billion. Visit SunGard at www.sungard.com.
The transaction
In connection with the proposed merger, on 12 April 2005, SunGard filed a preliminary proxy statement with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the definitive proxy statement (when available) and other documents filed by SunGard at the Securities and Exchange Commission's Web site at http://www.sec.gov. The definitive proxy statement and such other documents may also be obtained for free from SunGard by directing such request to SunGard, Attention: Investor Relations, telephone: (484) 582 5500.
SunGard and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed merger.
Information concerning the interests of SunGard's participants in the solicitation is set forth in SunGard's proxy statements and Annual Reports on Form 10-K, previously filed with the Securities and Exchange Commission, and in the proxy statement relating to the merger when it becomes available.
Trademark Information: SunGard and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the US and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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