FIS to buy SunGard in $9.1 bln deal

Fidelity National Information Services Inc (FIS) said Wednesday that it has agreed to buy SunGard in a deal valued at $9.1 billion, including the assumption of debt. Wayne, Pennsylvania-based SunGard is a financial software company with $2.8 billion in annual revenue. Seven private equity firms – Silver Lake, TPG, Bain Capital, KKR, Blackstone Group, Providence Equity Partners and Goldman Sachs’ private equity unit – acquired SunGard in 2005 in a $11.3 billion deal. BofA Merrill Lynch and Centerview Partners LLC acted as financial advisors to FIS. Goldman Sachs & Co., J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc. and Credit Suisse acted as financial advisors to SunGard.


TPG, EMC and Lightspeed back cyber security company Zscaler

TPG has led a $100 million funding round for cyber security company Zscaler. Return backers EMC and Lightspeed Ventures also participated in the round. In addition to the funding, Nehal Raj, a partner at TPG, will join Zscaler’s board of directors.


PE-backed RentPath appoints Perry as president and CEO

RentPath LLC, which is backed by TPG and Providence Equity Partners, has named Chip Perry as president and CEO. Perry, who joined the RentPath board of directors in February, is the former CEO of AutoTrader.com. Headquartered in Atlanta, RentPath is the parent company of Apartment Guide, Rent.com, Rentals.com and Lovely.


Leonard Green, TPG and others complete take-private acquisition of Life Time Fitness

An investor group led by Leonard Green & Partners and TPG has closed its previously announced take-private buy of Chanhassen, Minnesota-based health club chain Life Time Fitness Inc. The deal is valued at more than $4 billion. Also, LNK Partners and Bahram Akradi, chairman and CEO of Life Time, were among the transaction’s key investors. As a result of the acquisition’s completion, Life Time has stopped trading on the New York Stock Exchange.


PropertyGuru raises $129.5 mln from investors including TPG

PropertyGuru Group said late Monday that it received a S$175 million (US$129.5 mln) investment from a consortium of three investors. These include TPG, Emtek Group and Square Peg Capital. Singapore-based PropertyGuru is an online property portal group.


Insight Venture Partners-backed Planview names Chynoweth as EVP and CFO

Planview, a portfolio company of Insight Venture Partners, has hired Vic Chynoweth as executive vice president and chief financial officer. Previously Chynoweth worked at TPG-owned Vertafore Inc where he served as vice president of finance and accounting. Based in Austin, Texas, Planview is a provider of portfolio management and project collaboration solutions.


TPG to invest in Poundworld

TPG has agreed to acquire a majority stake in Poundworld Retail Ltd. No financial terms were disclosed. Based in the UK, Poundworld is a value variety retailer.


peHUB First Read

First Read starts your week with news that TPG is planning on buying Cushman & Wakefield for about $2 billion, Uber’s latest funding puts it at a $50 billion valuation and China’s smartphone market slows in the first quarter.


Cushman & Wakefield to merge with DTZ

Cushman & Wakefield and DTZ have agreed to merge. Financial terms weren’t announced. The new real estate services company will have revenues over $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients, a statement said. DTZ, a Chicago property services firm, is owned by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.


Infinidat raises $150 mln from TPG at $1.2 bln valuation — Corrected

Infinidat said it raised $150 million in a deal led by TPG Growth that values the company at a post money valuation of $1.2 billion, according to a press release. The round is the company’s second and brings total money raised to $230 million. The enterprise storage vendor will use the money to expand globally and meet customer demand.

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