Behind Silver Lake's $3.5 billion gift card deal

Private equity firms Silver Lake and P2 Capital Partners today agreed to a $3.5 billion take-private acquisition of Blackhawk Network, an operator of in-store prepaid gift card "malls" and websites like

Backstory, per a source: Silver Lake first offered to buy Blackhawk around five years ago, when it was being spun out of grocery chain Safeway, but couldn't agree on terms.