Tax and Corporate Attorneys Advise SunGard Data Systems in Split-off Transaction
Ropes & Gray provided tax and corporate advice to SunGard Data Systems Inc. and its shareholders in connection with its March 31 tax-free split-off of Sungard Availability Services, a managed IT, cloud, and recovery services company with approximately $1.4 billion in annual revenues. SunGard Data Systems is a software and technology services company with annual revenue of approximately $2.8 billion, which is primarily owned by a consortium of seven private equity sponsors including Bain Capital, The Blackstone Group, Goldman Sachs & Co., Kohlberg Kravis Roberts & Co., Providence Equity Partners, Silver Lake, and TPG. Ropes & Gray previously advised the sponsor group in their $11 billion buyout of SunGard Data Systems in 2005. Following the split-off, both SunGard Data Systems and Sungard Availability Services will be independent companies, each with its own separate board of directors and a renewed focus on its mission.
The Ropes & Gray team advising SunGard and the sponsors included tax partners Christopher Leich, Amanda Holt and Eric Elfman and private equity partners Amanda Morrison, Julie Jones and Al Rose, as well as associate Ben Rogers.