million transaction. In 2004, SunGard acquired Systems & Computer Technology Corp. (SCT) for $590 million in cash. In 2008, SunGard acquired GL Trade, a Paris-based financial services firm for nearly US$1 billion; in a first tranche a 65% stake in GL Trade was acquired for $625 million, including effect of outstanding stock options. The deal encompasses the NYSE Euronext's 40% stake in GL Trade, however 25.4% were in the hand of the founders and 36.6% of the shares were free float. The deal was considered to be financially hazardous, given that GL Trade reported revenues of €203 million and an EBITDA of €26 million (fiscal year 2007). In 2008, SunGard acquired Strohl Systems, an IT company, a direct competitor of SunGard in availability and recovery planning, for an estimated $450 Million cash transaction. Strohl Systems became the software division of SunGard Availability Services, located in King of Prussia, PA In 2010, Sungard acquired 365 Hosting Limited cloud computing and data centre services company Leveraged buyout 2005 Formerly listed on the NYSE (ticker symbol SDS) on August 11, 2005, the company was acquired by a consortium of seven private equity investment firms in a transaction valued at $11.3 billion. The partners in the acquisition were Silver Lake Partners, Bain Capital, Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and TPG Capital. De-merger activities In December 2010, The Capita Group plc acquired SunGard Public Sector Holdings Ltd (part of the business servicing the UK public sector) for £86 million. The new business was known as Capita Secure Information Systems; it has now been renamed Capita Secure Managed Services. In August 2011 Datatel and SunGard's Higher Education group announced a definitive agreement to combine businesses and operate as one company, with Datatel’s current chief executive officer, John Speer, the chief executive officer. Affiliates of private equity firm Hellman & Friedman LLC acquired the SunGard Higher Education businesses from SunGard Data Systems Inc. for an aggregate cash purchase price of US$1.775 billion and combined the acquired businesses. The combined company was to operate under a new name, Ellucian, as announced at the 2012 annual users' conference. On 7 December 2011 Hellman & Friedman, Datatel and SunGard announced that the proposed combination had cleared Department of Justice review. In March 2012, the finalization of the combination into Ellucian was announced. SunGard's total debt of US$8.08 billion was alleviated by selling this