Date: October 16, 2006 11:22:08 PM PDT
Subject: [IPCUSA] Carlyle part of $1.3 billion acquisition of Open Solutions
Carlyle part of $1.3 billion acquisition of Open Solutions
Monday October 16, 12:36 pm ET
The Carlyle Group and Providence Equity Partners have agreed to pay $1.3 billion to acquire software maker Open Solutions.
News of the pending acquisition sent stock in Glastonbury, Conn.-based Open Solutions up as much as 23 percent in Monday trading.
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District-based Caryle and Providence, R.I.-based Providence will pay $38 per share for Open Solutions, a 25 percent premium over its Friday close, and 32 percent more than its average stock price over the last 30 days.
Open Solutions (NASDAQ: OPEN - News), founded in 1992, makes software for Internet Banking and e-commerce.
Last week Carlyle, Blackstone Group and Texas Pacific announced an acquisition in which the three buyout firms agreed to pay $17.6 billion for Freescale Semiconductor, one of nearly three dozen acquisitions Carlyle has announced this year.
Published October 16, 2006 by the Washington Business Journal
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