Silver Lake Partners led a syndicate that took Seagate private in 2000. Crystal Decisions was an underperforming software subsidiary of Seagate. It had been an immaterial part of Seagate. Silver Lake assigned $95 million (of the $1.1 billion in equity paid for Seagate) to Crystal Decisions. The case chronicles the turnaround of Crystal Decisions and eventual harvest of the company in 2003. At the end of the case the Silver Lake syndicate must consider whether to sell the company to Business Objects or pursue an IPO.
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