Investment Groups Gobble up SunGard

A consortium of seven investment firms has ponied up $11.3 billion to acquire diversified financial data concern SunGard. The investment roll call -- led by tech-centric investment firm Silver Lake Partners -- includes Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group. Under the terms of the agreement, SunGard stockholders will receive $36 in cash for each share of SunGard common stock they hold. The deal is expected to be complete by the third quarter of 2005. SunGard serves more than 20,000 customers in roughly 50 countries.