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article imageFidelity National buying software maker in $9.1 billion deal

By Owen Weldon     Aug 13, 2015 in Business
SunGard Data Systems Inc is going to be bought by financial industry software maker Fidelity Information Services Inc for more than $9 billion.
Fidelity National's deal will also includes SunGard's debt, and when the deal is completed, Fidelity National will have access to SunGard's thousands of lucrative trading, as well as money management clients.
The deal marks an end of preparations by the owners of SunGard to take the company public.
In 2014, SunGard posted annual revenue of $2.8 billion and it employs more than 13,000 people. When the company merges, it will have more than $9.2 billion in annual revenue, as well as more than 55,000 employees.
The deal is expected to close in the fourth-quarter, and on Wednesday, shares of Fidelity National reached an all-time high to $70.36.
SunGard was bought 10 years ago by Providence Equity Partners Inc, Silver Lake Partners, Bain Capital, TPG Capital, KKR & Co, Goldman Sachs Capital Partners and Blackstone Group. That deal was worth $11.4 billion, and it included around $500 million in debt. These companies will now become shareholders in the combined company.
However, since 2005, SunGard's business has slimmed down, and in 2012, more of its higher education business was divested, and last year the company spun off its disaster recovery business.
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