Financial Services Industry
Industry: Email Alert RSS FeedSoftware venture nets eight-fold earnings.
Financial News, July, 2003
Byline: Caroline Meehan
A private equity group has netted an eight-fold return on its initial investment in Crystal Decisions, a US software company, after a trade buyer bid for the company while its owners were preparing to float it.The consortium of five financial backers, including Silver Lake Partners, Texas Pacific Group, August Capital, JP Morgan Partners and Goldman Sachs, were hoping to raise $173m ([euro]152m) for the company in an initial public offering (IPO).
However, an unexpected bid by Business Objects, a rival US software company, valued Crystal Decisions at $820m. The subsequent trade sale allowed the group to make the substantial return on its initial investment of $100m, far above industry expectations from buy-outs. Buy-out firms...
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