SunGard (NYSE:SDS), a global leader in integrated software and processing solutions primarily for financial services and the pioneer and leading provider of information availability services, announced today that it has reached a definitive agreement for the sale of 100% of the membership interests of Brut LLC, an electronic communications network, to NASDAQ Stock Market, Inc. (“NASDAQ”; OTCBB: NDAQ) for a total consideration of $190 million of cash. In addition and conditioned upon completion of the acquisition, SunGard and NASDAQ will enter into a multiyear agreement for the continued processing of Brut trades by SunGard’s Phase3, a real-time order-to-settlement securities processing system.
The board of directors of each company has approved the transaction. Consummation of the transaction is subject to customary conditions, including approvals by the Securities and Exchange Commission and the National Association of Securities Dealers and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction could be completed by the end of the second quarter of 2004.
Other than recognition of a net gain on the sale, the divestiture is not expected to have a material impact on SunGard’s financial results. SunGard will provide additional information regarding this divestiture after the transaction has closed.
