FIS to acquire SunGard for $9.1bn
FIS, a provider of payments technology, has agreed to buy financial software firm SunGard in a cash-stock deal for an undisclosed sum.
Under the terms of the transaction, FIS will take over 100% of the equity of SunGard. The $9.1bn cost includes the assumption of SunGard debt, which FIS intends to refinance.
The deal will lead to the creation of a company offering a wide range of enterprise banking and capital markets capabilities for financial institutions and businesses worldwide.
The combined entity will have annual revenues of over $9.2bn, over 55,000 employees and thousands of clients in over 100 countries across the globe.
The deal, subject to regulatory approvals and other customary closing conditions, is scheduled to close in fourth quarter of 2015.
Commenting on the acquisition, FIS president and CEO Gary Norcross said: “This is a significant milestone for FIS. By bringing together two innovative companies with common business models, similar cultures, strong leadership and complementary solutions, we are enhancing our ability to empower our clients and deepen client relationships through an expanded full-service offering.
“Our focus has always been on championing the needs of our clients and we are excited about the opportunities this combination provides to further deliver on that commitment.”