FIS to Acquire SunGard
The two companies will have over $9.2 billion in combined annual revenues.
FIS will acquire 100 percent of the equity of the Wayne, Pa.-based company for a combination of cash and stock that values the company at $9.1 billion, including the assumption of its debt, which FIS said it plans to refinance. The two companies will have over $9.2 billion in combined annual revenues.
"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," said Gary Norcross, president and chief executive officer of FIS, in a statement. "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."
SunGard has annual revenue of $2.8 billion and 13,000 employees. The combined company will have more than 55,000 employees and clients in over 100 countries.
Bank of American Merrill Lynch and Centerview Partners were the financial advisors to FIS in the transaction. Goldman Sachs, JP Morgan, Barclays, Deutsche Bank and Credit Suisse were financial advisors to SunGard.
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