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
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