SunGard Data Systems

exited

Software — Silver Lake / Bain / Blackstone / Goldman / KKR / Providence / TPG

Deal Terms

Entry Year2005

Entry EV$11.4B

Entry Multiple10x

Leverage7x

Debt Amount$8B

Outcome

Exit Year2015

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

$11.4B LBO by 7-firm PE consortium — largest tech privatization at the time. $8B debt, $3.6B equity. Financial software/data recovery. Sold pieces for $2B+, collected $730M in dividends. FIS acquired for $9.1B (2015). Sponsors extracted value throughout but total return was modest for a 10-year hold.

Sponsor

Blackstone$1270B AUM

Hot Potato History

1983→Public Market

2005→Silver Lake + Bain + Blackstone + Goldman + KKR + Providence + TPG (7-firm consortium)($11.3B)

Effectively dismantled. Sold to FIS in 2015 for $9.1B — 20% below LBO price. PE consortium lost billions.