Simpson Thacher served as legal advisors to SunGard (“SunGard”) in connection with its recently announced sale to Fidelity National Information Services Inc. (“FIS”) (NYSE: FIS), the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions. Under the terms of the agreement, FIS will acquire 100% of the equity of SunGard. FIS will issue a combination of cash and stock valuing the company at an unaffected enterprise value of $9.1 billion, including the assumption of SunGard debt. The combined company will have over $9.2 billion in annual revenues, more than 55,000 employees and support thousands of clients in over 100 countries worldwide. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close during the fourth quarter.
SunGard is one of the world’s leading financial software companies, with annual revenue of $2.8 billion. The Wayne, Pennsylvania-based company’s 13,000 employees provide solutions for financial services, the public sector and education. Its software solutions are delivered via hosted or on premise deployments and are surrounded by an extensive suite of service offerings.
The Simpson Thacher team included Bill Dougherty, Elizabeth Cooper, Ben Schaye, William Allen, Erika Tang, Edward Linden, Katherine Chen (M&A); Marcy Geller, Drew Purcell and Jordan Tamchin (Tax); David Rubinsky, David Mollo-Christensen and Nadine Mompremier (Executive Compensation and Employee Benefits); Richard Fenyes, Justin Cooke, Alexander Coedo and Elizabeth Romefelt (Capital Markets); Lori Lesser, Michelle Morad and Genevieve Dorment (Intellectual Property); Jennifer Hobbs and Eli Isak (Banking and Credit); Adeeb Fadil and Noreen Lavan (Environmental); and Peter Guryan, Ellen Frye and Richard Jamgochian (Competition). Summer Associates Meg Griffith and Rex Hupy also provided valuable assistance.