Willkie represents FIS in its agreement to acquire SunGard, deepening enterprise banking and capital markets solutions.
On August 12, FIS, the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions, announced an agreement to acquire SunGard, a leading financial software company, in a deal valued at $9.1 billion.
Under the terms of the agreement, FIS will acquire 100 percent of SunGard for cash and stock valuing the company at $9.1 billion including the assumption of SunGard debt. Willkie also advised on FIS’ $6.9 billion bridge loan commitment to finance the proposed acquisition. The combined company will have more than $9.2 billion in annual revenues, and the transaction is expected to close during the fourth quarter.
FIS and SunGard have complementary technology solutions and services encompassing retail and corporate banking, payments, risk management, asset solutions and insurance. The deal enables FIS to offer a broader range of enterprise banking and capital markets capabilities to financial institutions and businesses worldwide.
Headquartered in Jacksonville, Fla., FIS serves some 14,000 institutions in more than 130 countries. SunGard, based in Wayne, Pa. and owned by a consortium of private equity firms, offers software and service solutions for financial services, as well as for the public sector and education.
Willkie’s representation of FIS in this transaction was led by partners Robert Rachofsky and Adam Turteltaub, with assistance from partners William Hiller, Chris Peters, Mark Holdsworth and Eugene Chang, U.K. partner Nicholas Bugler, of counsel Christopher Petito, associates (corporate) Howard Block, Samantha Palmer, Thomas Sharkey, Tristan Freeman and Frances Dales, associates (finance) Katharine Donaldson and Adam Keith, associates (tax) David Stauber and Robert Larimore, associates (benefits) Helen Skinner and Bradley Brown, and due diligence attorney Michael Gordon.