From spin-off to buyout: how Sungard became a record-breaking deal

Sungard's $11.3 billion leveraged buyout has seven private-equity partners plus investment from the existing management team. Is this a recipe for strategic growth or will it lead to corporate confusion?

return to Private equity takes the supersize option

Conde: “Our company needs
investors with different time
horizons”

IN MARCH, Cris Conde, president and CEO of Sungard, was about to go swimming with dolphins with his two daughters in the Mexican resort of Cancún. Then he learnt that word had got out that his company was in negotiations to sell itself to a consortium of private-equity buyers in one of the largest leveraged buyouts in history. “I figured I could take one vacation before we went public [with the deal].

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