Carlyle, Providence Swallow Big Loss In $1B Tech Sale

Law360, New York (January 16, 2013, 2:43 PM EST) -- As the private equity world buzzes with reports of a showy buyout for Dell Inc., Carlyle Group LP and Providence Equity Partners quietly exited a less successful boom-era deal this week, selling Open Solutions Inc., a technology provider to banks, for less than 10 percent of what they paid to take it private six years ago. 

Fiserv Inc. will buy Open Solutions for just $55 million in equity, and will assume about $960 million of the company’s debt, which Moody’s Investor Services downgraded into junk territory...
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