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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Blackstone Inc | NYSE:BX | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -1.24 | -1.04% | 117.75 | 123.11 | 117.75 | 121.50 | 4,436,984 | 01:00:00 |
From May 2019 to May 2024
Software developer SunGard Data Systems Inc. has filed for an initial public offering, about a decade after a group of private-equity firms acquired it in an $11 billion deal that helped usher in a wave of megabuyouts before the financial crisis.
SunGard's private equity owners—Bain Capital, Blackstone Group LP, Goldman Sachs's private-equity arm, KKR & Co., Providence Equity Partners Inc., Silver Lake and TPG—will continue to own a majority voting power, according to a filing with the Securities and Exchange Commission.
SunGard said it plans to raise $100 million through the offering, though that number is a placeholder and is likely to change. The Wall Street Journal reported in May that the company was looking to raise around $750 million through the IPO.
SunGard's 2005 takeover by the who's who of private-equity firms helped kick off the era of big buyouts, in which firms teamed up to buy giant companies they couldn't afford on their own. The buyout groups loaded many of the companies with debt to help finance the deals, some of which then struggled in the subsequent recession.
Such "club deals" with multiple investors were common in the buyout boom but have since fallen out of favor amid allegations of collusion and because of their complexity.
As part of its regulatory filing, SunGard revealed financial results for recent years.
In 2014, the company posted a loss of $396 million as it took a $339 million impairment charge on its name. That compared with a loss of $107 million in 2013.
Revenue, meanwhile, inched up 1.7% in 2014 to $2.81 billion.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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