It was a good day to be Sacramento Kings owner Vivek Ranadive as the software tycoon unloaded his company Tibco for a cool $4.3 billion dollars, this according to the Sacramento Bee.
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While a representative of Tibco said the sale has ‘absolutely no impact on the team’, many involved with the Sacramento Kings made their money with Tibco and become much richer today including Ranadive.
"Tibco, based in Palo Alto, announced it was selling to the private equity firm Vista Equity Partners for $24 a share, or $4.3 billion including assumption of Tibco debt. The announcement came after analysts said the company was experiencing problems with executing sales strategies. Just a few weeks ago Tibco signaled it could be putting itself up for sale."
Vivek owns 8 percent of the company so his portion of the sale will include about $316 million dollars. A pretty nice day at the office.
It’s not known what the Sacramento Kings owner plans to do with his new funds though we’ve already seen how much he’s been willing to invest in the franchise. Given that, you can’t help but think this is a positive for the Sacramento Kings franchise.
Vivek is expected to comment on the sale though is not taking interview requests today.