Kirkland & Ellis LLP advised Vista Equity Partners on its agreement to purchase the SunGard Public Sector and Education businesses from FIS™ (NYSE: FIS), a global leader in financial services technology, for $850 million. The transaction is expected to close in the first quarter of 2017, subject to required regulatory approvals and customary closing conditions. The transaction will include all SunGard Public Sector and Education solutions, which provide a comprehensive set of technology solutions to address public safety and public administration needs of government entities as well as the needs of K-12 school districts. The SunGard Public Sector business will become a new independent company under the ownership of Vista and will remain focused on providing technology solutions to government entities, while the SunGard Education business will become part of Vista-owned PowerSchool to create a more comprehensive K-12 technology solution offering for the education market. The full release is available here.
The Kirkland team was led by corporate partners Stuart Casillas, Marc Browning, Chris Harding and Leah Recht and associates Simon Root and Emily Hill.