Dec 1 (Reuters) - 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.
Barclays and Credit Suisse Securities (USA) LLC are providing Centerbridge with debt financing for the deal.
The deal is expected to be completed in January 2015 following regulatory approvals.
Evercore and Goldman Sachs & Co acted as advisors for IPC Systems and Barclays and Credit Suisse Securities (USA) acted as advisors for Centerbridge.
(Reporting by Abinaya Vijayaraghavan and Amrutha Gayathri in Bangalore; Editing by Lisa Shumaker)