early 2000s In 2000 TPG and Leonard Green & Partners invested $200 million to acquire Petco, the pet supplies retailer as part of a $600 million buyout. Within two years they sold most of it in a public offering that valued the company at $1 billion. Petco's market value greatly increased by the end of 2004 and the firms would ultimately realize a gain of $1.2 billion. Then, in 2006, the private equity firms took Petco private again for $1.68 billion. In 2000, TPG completed the controversial acquisition of Gemplus SA, a smart card manufacturer. TPG won a struggle with the company's founder, Marc Lassus, for control of the company. Also in 2000, TPG completed an investment in Seagate Technology. In 2001, TPG acquired Telenor Media, a Norwegian phone-directory company, for $660 million, and shortly thereafter acquired a controlling interest in silicon-wafer maker MEMC Electronic Materials. In July 2002, TPG, together with Bain Capital and Goldman Sachs Capital Partners, announced the $2.3 billion leveraged buyout of Burger King from Diageo. However, in November the original transaction collapsed, when Burger King failed to meet certain performance targets. In December 2002, TPG and its co-investors agreed on a reduced $1.5 billion purchase price for the investment. The TPG consortium had support from Burger King's franchisees, which controlled approximately 92% of Burger King restaurants at the time of the transaction. Under its new owners, Burger King underwent a brand overhaul including the use of The Burger King character in advertising. In February 2006, Burger King announced plans for an initial public offering. In November 2003, TPG provided a proposal to buy Portland General Electric from Enron. However, concerns about debt and local politics led to Oregon's Public Utilities Commission regulators to deny permission for the purchase on March 10, 2005. TPG entered the film production business in late 2004, in the major leveraged buyout of Metro-Goldwyn-Mayer. A consortium led by TPG and Sony completed the $4.81 billion buyout of the film studio. The consortium also included media-focused firms Providence Equity Partners and Quadrangle Group, as well as DLJ Merchant Banking Partners. The transaction was announced in September 2004, and completed in early 2005. Also in 2005, TPG was involved in the buyout of SunGard in a transaction valued at $11.3 billion. TPG's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and