PE giant-backed SunGard eyes up to $10bn value through IPO


euro dollarPrivate equity-backed SunGard Data Systems is eyeing a $10bn valuation through a potential IPO, it is understood.

The company was bought by a decade ago by a string of private equity majors in an $11.3bn deal.

SunGard has now hired a suite of banks including JP Morgan Chase and Goldman Sachs to run an IPO later this year, Reuters reported.

It cited people familiar with the matter as saying the company could also explore an outright sale.

The process was thought to have been sparked by a takeover bid for the business earlier this year.

SunGard was bought in 2005 by a consortium of private equity heavyweights including Blackstone, Bain Capital, Silver Lake Partners, KKR, TPG Capital, Goldman Sachs Capital and Providence Equity Partners.

The private equity deal was one of the largest made ahead of the 2008 financial crash, and highlights the willingness of big firms to team up for deals at the time in order to spread risk amid rising deal leverage.

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