FIS To Sell SunGard Public Sector And Education Businesses For $850 Mln

(RTTNews) - FIS (FIS) announced a definitive agreement to sell its SunGard Public Sector and Education businesses to Vista Equity Partners for $850 million. The company expects cash proceeds, net of taxes and deal-related expenses, from the transaction of approximately $500 million. Net cash proceeds will be used to reduce outstanding debt.

FIS expected the Public Sector and Education businesses to contribute $0.15 - $0.16 to its full-year 2017 adjusted EPS. The transaction is expected to close in the first quarter of 2017.

The transaction will include all SunGard Public Sector and Education solutions, which provide a 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.