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Our Bureau

Pune , March 15

EDS today announced its agreement to sell its software development unit, UGS PLM Solutions for $2.05 billion in cash to a group of three private equity firms, Bain Capital, Silver Lake Partners and Warburg Pincus.

The three funds will each hold an equal stake in the unit.

UGS PLM Solutions is a provider of product data management, collaboration and design software application and services.

According to an official release, the transaction is expected to close within three months, pending customary closing condition. Upon closing the transaction, EDS expects to be closer to its announced goal of zero net debt (total debt minus cash and marketable securities on hand) by the end of 2004.

Evercore Partners acted as financial advisor to EDS in this transaction. The decision to divest UGS PLM Solutions through an IPO or private sale was announced in October 2003, after EDS completed an assessment of its business portfolio against its strategic plan.

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