FIS, a provider of banking and payments technology solutions, has completed the acquisition of financial software firm SunGard.
The cash and stock deal, agreed to in August 2015, valued SunGard at $9.1bn, including the assumption of SunGard debt.
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The combined entity will operate with a workforce of over 55,000, offering technology solutions and services covering retail and institutional (or wholesale) banking, payments, risk management, asset solutions and insurance.
The combined company will have $9.3bn in revenue on a pro-forma basis.
As part of the deal, FIS will repay SunGard’s existing debt excluding SunGard’s senior notes that will be redeemed on 1 December 2015.
Commenting on the deal, FIS president and CEO Gary Norcross said: "This acquisition creates one of the broadest sets of technology assets and market expertise in the industry, and allows FIS to present new opportunities to our existing client base as well as to financial services markets that we have not historically served."
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