Citi Completes Acquisition of BISYS; Resells Retirement Unit to J.C. Flowers

Citi reports it has completed its previously announced acquisition of The BISYS Group, Inc. for approximately $1.44 billion in an all-cash transaction.

In the transaction BISYS shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash.

Immediately thereafter, Citi completed its sale of the Retirement and Insurance Services Divisions of BISYS to affiliates of J.C. Flowers & Co. LLC making the net cost of the transaction to Citi approximately $800 million.

Source: Citi
www.citi.com