Private equity firm Silver Lake has sold financial communications business IPC to Centrebridge Partners for $1.2 billion.
SilverLake acquired IPC from Goldman Sachs Group Inc's private equity arm in 2006 for about $800 million.
IPC currently claims a network of 5000 customer sites over 630 cities for its voice and data network platforms and an installed base of approximately 118,000 trading positions deployed worldwide. The New Jersey-headquartered company employs 900 people.
Neil Barua, chief executive officer of IPC says SilverLake's decision to sell up follows one of the company's best years. The company generated 10% year-on-year revenue growth for 2013-2014, netting $500 million in revenue.
A former Silver Lake operating partner, Barua joined the company earlier this year on an interim basis before electing to stay on as the company's CEO.
“Centerbridge has a proven track record of driving long-term sustainable growth, and we look forward to building on our successes with our new owners," he says. "I want to thank all of our dedicated employees for their continued efforts in driving value creation. We are a trusted advisor to our customers and will continue to provide the industry-leading service and expertise they’ve come to expect from us.”
The transaction is expected to be completed in January 2015.