Shearman & Sterling is advising SunGard on certain tax and other aspects related to its acquisition by FIS. Under the terms of the agreement, FIS will acquire 100 percent 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, which FIS expects to refinance.
The transaction is subject to regulatory approvals and other customary closing conditions. FIS expects the transaction 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 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.
FIS is a global leader in banking and payments technology as well as consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 42,000 people worldwide and holds leadership positions in payment processing and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial industry, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index.
The Shearman & Sterling team was led by partners Laurence Bambino (New York-Tax) and Clare O’Brien (New York-Mergers & Acquisitions) and included counsel Nathan Sawyer (New York-Mergers & Acquisitions) and Jordan Altman (New York-Intellectual Property Transactions), and associates Derek Kershaw (New York-Tax), Adam Sternberg (New York-Tax) and Edward Boehme (New York-Mergers & Acquisitions).