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Monday, December 1, 2014

Silver Lake sells IPC Systems to Centerbridge for $1.2 bln, (NASDAQ: FISI)

Private equity firm Silver Lake Partners LP sold IPC Systems Inc, a financial trading communications provider, to investment firm Centerbridge Partners LP for about $1.2 billion, IPC said on Monday. Silver Lake exited one of its longest-held investments with the sale of IPC, which it bought from Goldman Sachs Group Inc's private equity arm in 2006 for about $800 million.Private equity funds typically hold companies three to seven years, making Silver Lake's ownership of IPC for more than eight years atypical.Reuters reported in October that Silver Lake was looking to sell IPC.Based in Jersey City, New Jersey, IPC makes specialized telephone systems for financial institutions ranging from investment banks to hedge funds.

Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 0.55% or $-0.13/share to $23.58. In the past year, the shares have traded as low as $19.72 and as high as $26.62. On average, 36900 shares of FISI exchange hands on a given day and today's volume is recorded at 22281.