Disaster recovery disaster finds buyer
Sungard swoops on Guardian IT
Guardian IT, the ailing disaster recovery firm, up for sale after spending lots of borrowed money in anticipation of business which never happened, has a buyer.
It's Sungard Data Systems, a $2bn t/o disaster recovery player from the US. Sungard values Guardian IT at £168m, inclusive of debt. As Guardian IT's net debt is £110m - this leaves £58m cash for shareholders.
Guardian IT (can we make this shorter - what about GIT?) has accepted the offer - the 80p a share offer is a big hike on the closing price of 33p at Feb 13 - the day before the company disclosed it was in talks which could lead to a deal. ®