Presumably, Conde's comments also encompass SunGard Availability's numerous partnerships, including ones with Dell Inc. (Nasdaq: DELL), Dot Hill Systems Corp. (Nasdaq: HILL), EVault Inc., and Sun Microsystems Inc. (Nasdaq: SUNW). (See Dell, SunGard Get Into Recovery, SunGard UK Partners With Dot Hill, Sun Offers Disaster Recovery, and EVault Inks Deal With SunGard.)
But industry sources think Conde's "long time" reference could be relative. "Sungard is a company with a mix of several disparate businesses with nothing in common. This causes negative synergy," writes analyst Kaushik Roy of Susquehanna Financial Group in an email today. He thinks the buyout consortium may look to unlock the value of individual businesses such as Availability by breaking them up.
SunGard intends to file its proxy forms within the next ten days and close the deal with pending shareholder approval by the third quarter. The buyout group will pay roughly $3.5 billion in cash, assume about $500 million in SunGard debt, and get the rest from banks. Conde says several letters of commitment from banks have been received and there is a bridge facility being stumped up as well. Eventually, the assets of SunGard will be used to secure the bank transactions.
Besides Silver Lake, the buyout group includes Bain Capital, The Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts & Co., Providence Equity Partners, and Texas Pacific Group.
Mary Jander, Site Editor, Byte and Switch
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